Oct 2023 Financial News

NCB Financial Group Limited - Notice of Extraordinary General Meeting and Letter to Shareholders

Oct 13, 2023

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the above-named Company will be held on October 31, 2023, to start at 2 p.m. for the purpose of transacting the business of considering and, if thought fit, passing the ordinary resolutions described in this Notice. The meeting will be held as a virtual meeting and instructions to facilitate participation by the holders of stock units in the capital of the Company will be remitted to such holders ahead of the above date.

Dear Shareholders,

NCB Financial Group Limited (“NCBFG”) has in recent times renewed its deliberate focus on “Future Proofing” its businesses and reinforcing strategies for continued growth and development of the NCB Group of Companies (“the NCB Group”).

NCBFG Directors have recommended that NCBFG proceed with the Additional Public Offering (“APO”) of shares in the capital of NCBFG, in one or more transactions. The Extraordinary General Meeting (“EGM”) the subject of the accompanying Notice is being arranged primarily to secure your approval for the issue of additional shares so the APO may be implemented.

NCBFG is seeking to raise additional capital by way of the APO in this context:

1. The NCB Group is a unique, diversified and powerful regional financial services conglomerate that enjoys many competitive advantages and which has performed well on many metrics, including profitability.
2. Certain capital recalibration strategies are being pursued to put NCBFG on a path to bolstering the Group’s financial health and this should be further enhanced based on the value to come from the use of proceeds of the APO. The ongoing development of the Group’s financial health in this way is expected to support NCBFG’s progress toward once again providing consistent returns to shareholders.

We also consider it suitable to present another resolution to shareholders to facilitate the issue of shares for compensation purposes to executives and other employees of NCBFG and its subsidiaries. This will enable us to enhance our compensation arrangements, as needed, so we can better attract, retain and reward personnel who have played, or will play, a vital role in the growth and advancement of the NCB Group, and to increase those persons’ alignment with the interests of shareholders.

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Source:
The Trinidad and Tobago Stock Exchange Limited
Friday 13th October, 2023