Home' Trinidad and Tobago Guardian : February 10th 2015 Contents The TCL shareholders will be offered
the right to purchase one new share
for every two shares they hold.
The $2.90 rights issue price is a 24.5
per cent premium of TCL s $2.33 share
price as at the close of trading on Fri-
Edwards said that in order to guar-
antee the success of the rights issue,
the board had agreed to implement
what he described as a backstop share-
holder agreement through which
Cemex, TCL s largest single shareholder
at 20 per cent, would be able to acquire
shares worth up to US$45 million in
the rights issue.
The arrangement would limit Cemex
to no more than a 40 per cent stake
in the company after the rights issue.
Edwards said in the event that Cemex
does not get up to a 35 per cent stake
in TCL through the rights issue, the
board will arrange a private placement
of shares for Cemex that will take the
Mexican cement giant beyond 35 per
He said the funds from the rights
issue will be used to fund capital expen-
diture, pay overdue monies to the com-
pany s employees, provide TCL with
working capital and pay overdue sup-
If all of TCL s shareholders subscribe
for the 124.88 million shares being
offered in the rights issue, the number
of shares in issue by company will
increase by 50 per cent from
249,765,136 to 374,647,704.
Tuesday, February 10, 2015 www.guardian.co.tt Guardian
YVONNE BABOOLAL AND JENSEN
Relatives of former Caribbean
Airlines (CAL) pilot and promi-
nent Chaguanas businessman
Azad Niamat are shocked but also
relieved over the discovery of his
Niamat s body was found in
Tamana yesterday morning, one
mile away from the Brazil Arena
Road, San Raphael, where his Toy-
ota Prado SUV was first seen. He
was found 11 days after he went
He served as a director on the
According to reports, Sgt Jitendra
Tooleram and other officers went
to Brazil Arena Road after a villager
contacted them, saying he found
a body in the forested area.
The man told police around 10
am he was walking along the road-
way when he got a foul stench and
knowing there was a search in the
area for Niamat he called the police.
He was found with his hands
tied behind his back and his mouth
covered with duct tape.
Police said there was no visible
signs of violence on his body but
were quick to point out that due
to the advance stage of decompo-
sition they are uncertain as to his
cause of death.
Niamat, who lived close to the
famous Lion House on the Chagua-
nas Main Road, left home on Jan-
uary 29, saying he was going to a
hardware store to buy wood. He
was never seen again.
A close relative, the only one at
his home yesterday, spoke to the
T&T Guardian asking not to be
She said all other relatives had
gone to the house of Niamat s for-
mer wife, Greer Cumberbatch, next
door to console her.
She said although the two had
been separated, they remained close
friends and Cumberbatch had been
devastated by his disappearance.
"She had been taking this badly.
There was no animosity between
them. It was always Wes (as Nia-
mat was also called) and she," the
The couple has two grown chil-
Asked how Naimat s other rel-
atives were handling the news, she
said: "Whenever anything happens,
I think of the worst and hopes for
"Every day our prayer was to
find him. I think our prayers have
been answered in that respect, dead
"And while we are grateful to
find him, it is still very shocking
to all of us."
The relative said she did not
know why anybody would want to
harm Niamat because she was not
aware he had any fallout with any-
When the T&T Guardian spoke
to her, she did not know the cause
of his death as yet.
She said the family, which is
Muslim, would wait until the police
complete their investigations before
they laid him to rest.
Chaguanas mayor Gopaul was
shaken by news of the discovery
of Niamat s body.
Former TCL Group chief executive officer Dr Rollin Bertrand during the
company's meeting at Hilton, Port-of-Spain yesterday. PHOTO: JEFF MAYERS
Opposition Leader Dr Keith Row-
ley has been ordered to pay former
attorney general Anand Ramlogan
$30,000 for failing to meet a deadline
in his (Ramlogan) defamation lawsuit
The payment represents Ramlogan s
legal costs for dealing with a procedural
application from Rowley seeking an
extension of time to file his witness
statement in the case. He has until
March 18 to make the payment.
The case centres around allegations
over the awarding of legal briefs to
private practitioners during Ramlogan s
tenure as attorney general, allegedly
made by Rowley in 2012.
Rowley s lawyer Faris Al-Rawi had
claimed the delay was caused by pro-
fessional commitments as well as his
mother s illness in February last year.
While he granted the extension,
presiding Judge Andre des Vignes had
ruled that Al-Rawi s excuse did not
amount to a good explanation.
During yesterday s hearing in the
Port-of-Spain High Court, Des Vignes
also set dates for the trial of the case.
It will be heard before him between
January 19 to 21, next year.
The lawsuit is one of six between
the two parties with the others dealing
with issues including the E-mailgate
scandal, Ramlogan s property portfolio,
his involvement with the Financial
Intelligence Unit (FIU) and the extra-
dition case of businessmen Ishwar
Galbaransingh and Steve Ferguson.
The extradition case has come under
public scrutiny after one of Rowley s
witnesses in it, Police Complaints
Authority (PCA) director David West,
claimed he had been approached by
Ramlogan to withdraw his witness
statement. Ramlogan has denied the
Ramlogan is being represented by
Gerald Ramdeen and Varun Debideen.
Failure to meet lawsuit deadline so...
Rowley ordered to
pay Anand $30,000
CAL DEEPLY GRIEVED
In a media release yesterday
CAL chairman Phillip Marshall
said the entire CAL family had
been praying and hoping that
Niamat would have been found
safe and alive.
"All of us at Caribbean Airlines
are deeply grieved at this tragic
"Our thoughts and prayers are
with his family at this time and
we stand ready in the days and
weeks ahead to extend our
support in whatever way we
can," Marshall said.
He extended condolences on
behalf of CAL and its board of
"We are still coming to terms
with the tragic loss of a member
of the Caribbean Airlines family,
who used his experience and
wise counsel to serve the airline
and its people for whom he so
passionately cared. This is a sad
day for all of us," Marshall added.
Missing CAL director's body found
Shareholders of Trinidad
Cement (TCL), voting at a special
meeting last night at the Hilton
Trinidad in St Ann s, approved a
resolution lifting the company s
20 per cent cap on shareholding
by a margin of 91.4 per cent to
8.6 per cent.
The vote came at the end of the
special meeting at which tempers
nearly boiled over following an
intervention by fired TCL chief
executive, Rollin Bertrand, who
called on the current chairman
Wilfred Espinet to allow the share-
holders to make contributions last-
ing more than three minutes.
Bertrand s intervention ended
when Espinet told him that he had
had 26 years to make a difference
at the Claxton Bay-headquartered
company, which has subsidiaries
in Barbados and Jamaica.
The vote by the TCL sharehold-
ers sets the stage for the financial
restructuring of the cement pro-
ducer s $1.9 billion debt, as one of
the preconditions of the restruc-
turing exercise was the removal of
the 20 per cent cap, said TCL
director Nigel Edwards.
Another precondition is that the
lenders amendments should be
completed by April 30 in the first
instance, with a 30-day extension
possible, Edwards told over 200
TCL shareholders at the special
Edwards said another precon-
dition of the restructuring was that
the shareholders have to pump at
least $320 million (US$50 million)
into the company.
The TCL board on Friday passed
a resolution to raise a maximum
of $362 million (US$56.6 million)
in new capital through a rights
issue of 124,882,568 new shares at
a price of $2.90 a share.
TCL shareholders lift 20% restriction
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