Home' Trinidad and Tobago Guardian : February 24th 2018 Contents A9
Saturday, February 24, 2018
NCBJ takeover bid
for GHL lapses
The takeover bid by NCB Global
Holdings Limited (NCBGHL) for
a majority stake in Westmoor-
ings-based Guardian Holdings
has expired without the Jamai-
can inancial services company
being able to take up shares ten-
dered for its offer.
In a release yesterday NCB-
GHL said: "As of today, Friday
23rd February, 2018 at 4 pm,
there are terms and conditions
of the Offer which remain out-
The release added that the
offer lapsed "due to the failure
of Condition 2.4.5 of the Offer"
In the original offer docu-
ment, Condition 2.4.5 provides
a list of terms and conditions
that must be ful illed before the
offer could be completed.
Commenting on the ten-
dering of shares for the offer
NCBGHL said: "As at the time
of going to press, the latest
tally reflected that 535 GHL
shareholders tendered approx-
imately 91,743,975 GHL shares
(subject to veri ication of valid-
ity of all acceptances received
by Republic Securities
Limited) which, together with
the Offeror's existing share-
holding in GHL, represents
approximately 70.24% of the
outstanding GHL Shares."
NCBGHL pointed out however
that "No shares deposited have
been taken up by the Offeror"
NCBGHL stated that it had
received notice from the T&T
Securities and Exchange Com-
mission that it had decided to
convene a hearing on the mat-
ter "in accordance with the
provisions of the Securities Act,
2012 in respect of the facts and
circumstances surrounding the
Offeror's equity interest in GHL
and the issuance of the Offer
The company added that it
was "committed" to participat-
ing in the hearing, and that it
had already made its case to the
"In fact, the Offeror has al-
ready submitted its position
to the Commission in respect
of the allegations made in the
Press and by certain minority
shareholders. It is the Offeror's
irm and considered view that
the allegations made in respect
of the Offer are each without
merit" NCBGHL said.
NCBGHL described the claims
made as "unfortunate" stating
that they had "resulted in dis-
ruption, particularly to those
shareholders who had tendered
their shares, and have thwarted
a legitimate transaction repre-
senting a substantial investment
in Trinidad and Tobago"
Minority shareholder activist
Peter Permell has openly chal-
lenged many of the conditions
surrounding NCBGHL's takeo-
In its takeover bid launched
on December 8 2017, NCB-
GHL sought to acquire up to
74,230,750 GHL shares that
would take its shareholding up
to 62 per cent in the company.
In December 2015, the com-
pany acquired a 29.9 per cent
stake in GHL in a deal that saw
company chairman Arthur Lok
Jack and the Ahamad family
selling down a signi icant por-
tion of their ownership stake.
That transaction was made
inal in May 2016.
Petrotrin chairman Wilfred Espinet
has denied rumours that three vice
presidents were recently relieved
of their duties at the beleagured oil
Rumours were rife on Thursday
that vice president of Exploration
and Production Stephen Awah, vice
president of Re ining and Market-
ing Astor Harris and vice president
of Human Resources and Corpo-
rate Services Neil Derrick had been
dismissed, but Espinet told the
Guardian that was "fake news and
He said the company has been
engaged with stakeholders as part
of the process for reorganising and
"I don't want the process derailed. I
am concerned that this is something
at work to undermine the process."
Espinet admitted that there is a
level of "anxiety" in the Company
because of recent revelations when
company of icials appeared before
a Parliamentary committee, but he
said "reports of the Vice Presidents
being ired is just speculation. This is
a bit of mischief to create tensions."
Asked whether the three had
been asked to resign, Espinet said
the company "is currently engaged
in a re-organisation programme,"
and the process he said must be al-
lowed to take its course.
The three men were on the job
yesterday and the Guardian was told
by insiders at the company that the
irony is that they had been "work-
ing apace," with the Board chaired
by Wilfred Espinet on the reorgani-
sation of the Company.
Staffers said the three are "solid
people, just like the president Fitz-
roy Harewood who is leaving at the
end of the month."
They said "when all four go we
have no idea what will happen, but
we could only guess that this forms
part of the planned reorganisation,
although no one has said anything
Petrotrin's leadership team which
includes the three Vice Presidents
and the President is responsible for
the operations of the business and
implementation of its strategic plan.
The Espinet-led Board has been
in discussions with stakeholders
including the representing Oil ields
Workers Trade Union, on planned
reorganisation of the company.
On Wednesday, Petrotrin of icials
told a Parliamentary Committee on
Ener y Affairs that unless signi i-
cant improvements are made to the
company's ef iciency, it is projected
to lose US$1.5 billion in free cashflow
over the next 5 years.
Petrotrin has a wage bill of close
to two billion dollars annually, a
monthly overtime bill in the region
of $20 million and a debt in excess
of fourteen billion dollars.
Lindi Ballah-Tull FCB Group Corporate Secretary, left, speaks with Anthony Smart Chairman FCB and Karen Darbasie FCB Group Chief Executive Officer after
the 21st Annual Meeting of Shareholders of First Citizens Bank Limited at the Hilton Hotel yesterday .
PICTURE ANISTO ALVES
Links Archive February 23rd 2018 February 25th 2018 Navigation Previous Page Next Page