Caribbean Cement Company Limited (CCC) has advised that CEMEX has announced by way of release on January 10, 2017 that its indirect subsidiary, Sierra Trading (Sierra), will present a change and variation notice making an amended offer (the “Amended Offer”) to the offer and take-over bid that was presented on December 5, 2016 (the “Offer”) to all shareholders of Trinidad Cement Limited (TCL), to acquire up to 132,616,942 ordinary shares in TCL, which together with Sierra’s existing share ownership in TCL of approximately 39.5%, would, if successful, result in Sierra holding up to 74.9% of the equity share capital in TCL.
Pursuant to the Amended Offer, Sierra will offer TT$5.07 in cash per TCL share (the “Revised Offer Price”). The Revised Offer price represents a premium of 50% over the December 1, 2016 closing price of TCL’s shares in the Trinidad and Tobago Stock Exchange.
Among other conditions, the Offer, as amended by the Amended Offer, will be conditional on Sierra acquiring at least an amount of TCL shares that would allow CEMEX, for financial reporting purposes, to consolidate TCL. Unless extended, the Offer period, as amended by the Amended Offer, is expected to close on January 24, 2017 at 3.00 p.m. Trinidad and Tobago time. Sierra does not currently expect to extend the offer period after January 24, 2017. All other terms and conditions of the Offer not modified by the Amended Offer remain unchanged.
The Offer relates to TCL shares only and not to the shares of CCC or any other subsidiary company of TCL.
The Company further states that CCC is not a party in this transaction, and for more information, to contact CEMEX through its lawyers at: CEMEX, 7th Floor Courtleigh Corporate Centre, Kingston 5.