Home' Trinidad and Tobago Guardian : May 1st 2016 Contents A9
May 1, 2016 www.guardian.co.tt Sunday Guardian
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The Trinidad Cement Limited
Group (TCL) chairman Wilfred
Espinet s sale of all of his "direct
holdings" in TCL has raised some
eyebrows among shareholders of
On April 4, some 9,542,695 of
TCL s ordinary shares were sold by
a "shareholder connected to a direc-
tor" in two transactions---5,612,665
and 3,930,030 shares.
"A shareholder connected to a
director" purchased the entire
amount that same day.
The transaction is valued at more
than $33 million.
The total of 9,542,695 shares
specifically represented Espinet s
entire direct holdings in TCL as at
At that date Espinet also had
742,500 in "indirect holdings,"
according to TCL s annual report.
Speaking to the Sunday Guardian
on the issue last week, Espinet said
the sale simply represented a "reor-
ganisation" of his "affairs."
"The sale relates to my shares
specifically. It is a transaction where-
by I am doing some reorganisation
and the shares were transferred from
some of my operating companies to
a company that holds the shares
now," Espinet said.
"It is a reorganisation of my
affairs," he said.
The sale and purchase of the
shares were announced on the T&T
Stock Exchange (TTSE) on April 14.
The details of the transaction have
not been released by either the TTSE
or the Securities and Exchange Com-
TCL shareholder Peter Permell
said while he has no issue with a
director or connected party buying
or selling shares in a company the
transaction must be done transpar-
"Firstly, I wish to make it clear
that there s absolutely nothing wrong
with any director or connected/relat-
ed party disposing of or purchasing
additional shares in the company in
which he or she is a shareholder,"
"However, any such material
change must be disclosed in a timely
fashion," he stated.
According to the Securities Act
No 17 of 2012 a "material change"
is defined as "a change in the busi-
ness, operations, assets or ownership
of an issuer, the disclosure of which
would be considered important to a
reasonable investor in making an
Section 64 (1) of the Securities
Act 2012 introduces a new three-
part procedure for treating with the
disclosure requirements of material
It requires reporting issuers to file
a report with the commission, cer-
tified by a senior officer, containing
details of the substance of the mate-
rial change within three days of the
date of the change.
A notice of the material change,
authorised by a senior officer, must
also be published in two daily news-
papers "of general circulation in this
country detailing the nature and
substance of the change within seven
days of the change."
A copy of the published notice
must also be filed with the com-
mission within seven days of the
The determination as to exactly
what constitutes a material change
lies with the SEC.
The TCL celebrated a "remarkable
year" last financial year as the com-
pany recorded its highest ever rev-
enue of $2.1 billion and "successfully
restructured its debt, generating pos-
itive cash flow in the reporting peri-
od," Espinet said.
On April 22, TCL held its annual
general meeting at the Hilton and
the board declared the payment of
an interim dividend for 2016 in the
amount of four cents per share.
"The dividend was declared after
taking into consideration certain
financial, legal, contractual and eco-
nomic factors, and is the first such
payment since the dividend for the
year ended December 31, 2007," the
material change report on the SEC s
"The dividend payment will be
made on Friday July 01, 2016, to
Shareholders listed on the Register
of Members, as at a Record Date to
be fixed," it stated.
TCL chairman sells off his $33m in shares
CHARLES KONG SOO
The threat of the Zika virus has
caused an increase in sales in con-
doms, mosquito repellents, larvi-
cides, other mosquito-killing prod-
ucts, supplements, cleaning products
and equipment throughout the
The Ministry of Health has con-
firmed 21 cases of the virus in
Trinidad. There are, at this time, no
confirmed cases in Tobago.
The Sunday Guardian asked five
businesses and companies what prod-
ucts were selling and if they experi-
enced an increase in sales with the
current Zika virus threat.
They are Trinpharm, in Charlieville;
Caribbean Chemicals, in San Juan;
XtraFoods Supermarkets, in Arima,
Valsayn and Chaguanas; Miracle Phar-
macy, in Sangre Grande; and S Chang
Variety Store, in Port-of-Spain.
Pharmacist Angela Dookeeram at
Miracle Pharmacy, Cunapo Southern
Main Road, Sangre Grande, said since
people have become more aware of
the risk factors related to the Zika
virus, "today we re selling more fre-
quently condoms, birth control tablets
and barrier contraceptives to prevent
pregnancies and conditions associated
with the virus such as microcephaly,
Guillain-Barré syndrome and con-
"Odomos, Mosquite, Off spray, cit-
ronella oil, Diquez jelly with citronella
oil and odourless insect repellant oils
are selling well.
"What are also selling are mosquito
coils, mats, vaporizers, aerosols and
"Alcohol-based body lotions espe-
cially Alcolado and Limacol and anti-
itch creams that contain a topical
antihistamine such as Benadryl and
Histergan are what customers are
She said these products all soothed
mosquito bites and reduced swelling
Dookeeram said the pharmacy also
sold Pinesol, black disinfectant, bleach,
Dettol and Suave to customers who
wanted to keep surfaces clean and to
deter mosquitoes from the home envi-
She said the pharmacy had also
noticed a greater demand for mosquito
zappers, fans and nets.
Dookeeram said people were pur-
chasing over-the-counter painkiller
medications such as Panadene,
Panadol, Paracodeine and Paracetamol
to relieve symptoms of fever, body
pains, joint pains and headaches,
symptoms shared with Dengue fever
and the Zika virus.
She said people were also stocking
up on supplements to help strengthen
their immune systems, especially Vita-
mins B and C, such as Redoxon, and
Emergen-C 1,000 mg sachets.
Dookeeram said she noticed people
were also buying more fruits and veg-
etables in the adjacent market.
Zika leads to spike in
mosquito repellent sales
Continues on Page A17
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