Caribbean Cement Company Limited (CCC) – MOU with Trinidad Cement Limited

Posted: July 10, 2018 at 6:02 pm

Caribbean Cement Company Limited (CCC) has advised that on July 6, 2018, pursuant to the Memorandum of Understanding CCC entered into with Trinidad Cement Limited (TCL) dated March 16, 2018, it signed a preference share redemption agreement with TCL for the redemption of an aggregate number of 52 million preference shares that are held by TCL that were issued by CCC on 2010 and 2013.

CCC states that the aggregate amount of the consideration to be paid by CCC to TCL is of USD$40.5 million, which reflects a below par value amount and is to be paid on a yearly basis starting in the current 2018 calendar year and that in compliance with applicable laws, the amounts to be paid by CCC to TCL are to be sourced from at least 1/3 (one third) of CCC annual profits, if any, which would otherwise be available for distribution. This fraction shall be increased to at least 2/3 (two thirds) of CCC annual profits available for distribution in case any preference shares held by TCL remain outstanding after the scheduled partial redemption payment during the 2026 calendar year.

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