Home' Trinidad and Tobago Guardian : August 10th 2014 Contents A56
Sunday Guardian www.guardian.co.tt August 10, 2014
TRINIDAD AND TOBAGO SECURITIES AND EXCHANGE COMMISSION
In the Matter of an Application by the Trinidad and Tobago Stock Exchange to de-list FNCU
Venture Capital Company Limited in accordance with Section 45 (1) of the Securities Act 2012
ORDER OF THE COMMISSION
Dated this 28th day of July, 2014
1. FNCU Venture Capital Company Limited ("FNCU") is registered as a reporting issuer
with the Trinidad and Tobago Securities and Exchange Commission ("the Commission")
effective February 22, 2001;
2. FNCU is a public company whose shares were being traded, prior to its suspension on
July 11, 2011, on the second tier market of the Trinidad and Tobago Stock Exchange
3. The Commission received from the TTSE, by way of letter dated January 30, 2012 an
application for the Commission to approve the de-listing of FNCU pursuant to section 45
(1) of the Securities Act 2012 ("the Act");
4. The Commission is required under section 157 of the Act to provide a reasonable oppor
tunity for a person to make either oral or written representations before making an
adverse decision, finding or order;
5. The Commission, before making an order, must provide a reasonable opportunity for a
hearing to each person directly affected and shall give reasonable notice to each such
person and to any interested market actor in accordance with section 159 of the Act;
6. By Notices in the daily press on July 2, 2014 and July 3, 2014 the Commission invited
affected persons to make representations with respect to the application to de-list;
7. By letters dated July 14, 2014 the TTSE and FNCU were directly invited to make
representations with respect to the application to de-list;
8. The Commission is empowered under section 21(e ) of the Act to make rules, with the
approval of the Minister, with respect to procedures for the initiation and holding of
hearings by the Commission;
9. The Commission has made the Securities Industry (Hearings and Settlement) Practice
Rules 2008 ("the Rules") in accordance with section 21 (e) of the Act;
10. The Rules provide for documentary or oral hearings or a combination of both by the
Commission's Hearing Panel;
11. The Hearing Panel considered the application by the TTSE to de-list FNCU by way of
12. The Hearing Panel delegated the power to hold an oral hearing to one member of the
Hearing Panel on July 28, 2014.
13. The Hearing Panel considering the submissions from FNCU and the TTSE by way of
14. One member of the Hearing Panel having heard representations from the TTSE and the
Staff of the Commission on July 28, 2014, FNCU and its shareholders being absent and
15. The Hearing Panel making an Order to de-list FNCU from the TTSE on July 28, 2014.
IT IS HEREBY ORDERED THAT:
I. The Board of Commissioners is satisfied that the procedures under sections 157 and
159 of the Securities Act 2012 and the Securities Industry (Hearings and Settlement)
Practice Rules 2008 ("the Rules") have been followed.
II. The application by the Trinidad and Tobago Stock Exchange Limited to de-list FNCU
Venture Capital Company Limited is approved.
III.This Order to take effect on July 28, 2014.
BY ORDER OF THE COMMISSION
LOS ANGELES---The $2 billion sale
of the Los Angeles Clippers may not
be a done deal yet, with current owner
Donald Sterling lodging a court appeal
late Friday against an earlier judgment
that his estranged wife Shelly had the
right to sell the NBA club to former
Microsoft CEO Steve Ballmer.
Ballmer s lawyer quickly denounced
the move as part of Sterling s "egotis-
tical crusade to destroy the Clippers."
Lawyers for Sterling asked the Second
District Court of Appeals to stay a pro-
bate judge s ruling that cleared the way
for the sale.
They said the judge prematurely
finalised his ruling so the sale can be
completed without a chance to appeal.
Sterling s appellate lawyers said in
their request for a writ of mandate that
if the sale goes through, "Donald will
have lost a unique and irretrievable
asset: A trophy asset coveted by high
net worth individuals around the
world---one of thirty NBA franchises
in the country, and one that under
Donald s thirty-year ownership has
recently become one of the most suc-
The main complaint of the appellants
is the judge s decision to allow the sale
to go forward with no time for an
He used a section of law that bars
a stay of his decision.
Given that provision, it was unclear
if the appeal would have any effect.
The sale could conceivably go forward
while the appeal makes its way through
Adam Streisand, the attorney for
Ballmer, said in a statement: "We won
this trial because Donald Sterling is on
an egotistical crusade to destroy the
Clippers if he can t keep the team, and
he can t. We will win the appeal for
the very same reason."
A spokesman for the attorneys rep-
resenting Sterling s estranged wife,
Shelly Sterling, issued a statement sim-
ilarly attacking Donald Sterling s
"Donald s petition for writ of man-
date is another desperate act by a des-
perate man," the statement said. "The
decision by Judge Michael Levanas---
after three weeks of trial---is a correct
decision on the law and the undis-
"Donald will do anything to kill the
record-shattering $2B sale of the Clip-
pers. His petition is frivolous."
The appellate lawyers who filed the
writ petition late Friday afternoon
acknowledged that Donald Sterling
has a public image problem.
"Admittedly, in light of recent
events, Donald Sterling does not cut
a sympathetic figure," his appellate
"But the issues raised by the trial
court s decision here impact more
than just him, and involve core issues
of probate law and the right to appel-
Shelly Sterling negotiated the record
sale after the NBA banned the 80-
year-old billionaire for making offen-
sive remarks about blacks.
The writ filed by the Donald Sterling
legal team demanded an immediate
stay of the judge s ruling.
It said that in the absence of a stay,
the sale could go forward immediately.
It noted that the NBA plans to meet
on Aug. 15 to approve the sale.
Addressing the ruling by Superior
Court Judge Michael Levanas, the
document said his action "was unrea-
sonable, arbitrary, a prejudicial abuse
of discretion, and manifestly against
The 39-page filing challenged the
opinions of two doctors who examined
Donald Sterling and who said he had
the beginnings of Alzheimer s disease,
rendering him incompetent to handle
his own business affairs.
The filing said the examinations
were "insufficient to support a deter-
mination of incapacity" and said
Shelly Sterling improperly removed
her estranged husband as a trustee of
the Sterling family trust. (AP)
The US national basketball team has
added Rudy Gay, a day after Kevin
Durant s withdrawal from the team.
Gay, the Sacramento Kings forward
who played for the Americans when they
won the gold medal in the 2010 world
championship, told USA Basketball man-
aging director Jerry Colangelo he was
interested in returning if he and coach
Mike Krzyzewski were interested.
Colangelo says Friday in a statement:
"We both felt he would be a valuable
addition because of his outstanding skills
and the fact that he is so familiar with
USA Basketball and our national team
Gay also was one of the last cuts made
by the 2012 Olympic team.
Gay averaged 20 points last season
for Toronto and Sacramento. (AP)
ruling that OK'd
US basketball team
adds Rudy Gay to roster
With her attorney
talks to reporters
after a judge ruled
in her favour and
Donald Sterling, in
his attempt to block
the $2 billion sale of
the NBA basketball
team, outside Los
Court on July 28.
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