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FirstCaribbean International Bank
Announces
Closure of
APPRAISAL RIGHTS ELECTION PERIOD |
Bridgetown, May 7, 2007. FirstCaribbean International
Bank Limited announced today 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, CICL was obligated to
offer to acquire shares 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 their 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 rights
proceeding. |
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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 their 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
appraisal 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 of the 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
appraisal proceedings.
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