FirstCaribbean International Bank announced on Monday May 07, 2007 that the election period for shareholders wishing to avail themselves of the appraisal remedy conferred by CIBC Investments (Cayman) Limited (CICL)under By-Law 26 of the Trinidad and Tobago Securities Industry (Take Over) By-Laws, 2005 expired on April 28, 2007.
Pursuant to the Trinidad and Tobago By-Laws, FirstCaribbean’s majority shareholder, CCL was obligated to offer to acquire share held by FirstCaribbean’s other shareholders as a result of CICL’s acquisition of more than 90% of FirstCaribbean’s outstanding shares. Shareholders had the option pursuant to the Trinidad and Tobago By-Laws of retaining thier shares, selling their shares to CICL at the Offer Price of US$1.6335 cash per common share or selling their shares to CICL at their fair value, as determined by a Trinidad and Tobago court through an appraisal proceeding.
FirstCaribbean International Trust and Merchant Bank (Barbados) Limited has confirmed that, as of the end of the election period:
1. Thirty-Nine (39) shareholders holding 138,509 shares have tendered their shares at the Offer price of US$1.6335 cash per common share; and
2. seven (7) shareholders holding 338,454 shares have notified CICL that they wish to have the fair value of their common shares fixed by the court.
Except for the seven shareholders availing themselves of the appraisal process, FirstCaribbean considers the matter of the CICL acquisition of the Barclays shareholding to now be closed. Approximately 6,190 FirstCaribbean minority shareholders elected to retain thier shares, representing 129,365,414 in number, neither accepting CICL’s offer nor seeking appraisal. CICL has begun the process of taking up and paying for the shares of the thirty-eight tendering shareholders and has engaged counsel to initiate the apprasial process within sixty days of the close of the election period, in accordance with Trinidad and Tobago law. Acquisition of all the tendered shares and those in the appraisal process would mean that CICL will hold 91.52% of FirstCaribbean shares.
FirstCaribbean is sending each thirty-nine shareholders who have tendered their shares additional instructions and transfer instruments required to complete the sale of their shares. FirstCaribbean is also sending notice to those shareholders who have sought the appraisal remedy advising them of CICL’s intention to initiate apprasial proceedings.
More information about FirstCaribbean can be found at: www.firstcaribbeanbank.com.
