Feb 2008 Financial News

Reorganization of CCMB

Feb 26, 2008

The Board of Directors of Capital & Credit Merchant Bank Limited has informed the Exchange of the following order handed down by the Supreme Court of Jamaica on February 14, 2008.

•CCMB will issue to the shareholders a bonus issue of 42,743,978 Preference Shares. The bonus issue shall be allotted in the ratio of one CCMB Preference Share for every fifteen CCMB Ordinary Shares held by shareholders.

•A meeting of the stockholders of Capital & Credit Merchant Bank Limited will be convened in accordance with its Articles of Incorporation for the purpose of considering and if thought fit, approving with or without modification, a Scheme of Arrangement under Section 206 of the Companies Act, 2004.

•Capital & Credit Financial Group Limited the group company and parent company of Capital & Credit Merchant Bank will allot and issue to stockholders of the Bank, other than to the Group Company the stated number of fully paid ordinary shares in the Group in exchange for the stated number of ordinary shares in the Bank, such are to rank equally with all previously issue CCFG Ordinary Shares.

•Simultaneously:

CCMB will apply to de-list the CCMB Ordinary Shares from the JSE and TTSE.
The Group Company will apply to list the CCFG Ordinary Shares on the JSE and TTSE.
CCMB will apply to list the CCMB Preference Shares on the JSE and the TTSE.

Source:
The Trinidad and Tobago Stock Exchange (TTSE)
Tuesday 26th February, 2008