Republic Bank Trinidad and Tobago (Barbados) Limited (“RBTTBL”) announces approval of its Partial Offer (the “Partial Offer”) for Cayman National Corporation Ltd. (“Cayman National”)
- Posted by RFHL
- On March 6, 2019
GRAND CAYMAN, CAYMAN ISLANDS; 4 March 2019
RBTTBL refers to its partial offer circular dated 14 September 2018 in relation to its proposal to acquire a minimum of 51% and up to 74.99% of the ordinary shares of Cayman National by way of a tender offer to Cayman National shareholders at an offer price of US$6.25 per Cayman National share.
RBTTBL and Cayman National are pleased to announce that they have now received approval from all required regulatory and governmental authorities in order to move forward and consummate the Partial Offer.
Closing and Payment to Shareholders
The Partial Offer currently has an Expiry Date of 8 March 2019. Assuming this Expiry Date is not extended further, settlement of the consideration to which any Cayman National shareholder is entitled under the Partial Offer will be initiated on 13 March 2019.
Shareholders resident in the Cayman Islands and entitled to consideration under the Partial Offer may pick up their cheque from 12p.m. (Cayman Islands time) on 13 March 2019 at Cayman National Securities Ltd., 2nd Floor, Suite 6201, 62 Forum Lane, Camana Bay, Grand Cayman. Thereafter, cheques will be available for collection at the same address during regular business hours. Currently valid government-issued photo identification will be required for collection.
Shareholders resident outside of the Cayman Islands and entitled to consideration under the Partial Offer will receive funds by wire transfer initiated on 13 March 2019.
Number of Cayman National shares to be acquired by RBTTBL
As valid acceptances have been received in respect of more than 31,756,248 Cayman National shares, the total number of shares to be acquired by RBTTBL from each accepting Cayman National shareholder will be determined in accordance with the following formula:
A: 31,756,248 Cayman National shares
B: the total number of Cayman National shares tendered by all Cayman National shareholders under the Partial Offer
C: the number of Cayman National shares tendered by the relevant Cayman National shareholder under the Partial Offer.
By way of example, if the total number of Cayman National shares tendered by all Cayman National shareholders under the Partial Offer is 37,709,190 (being the number of valid acceptances received as at close of business on 1 March 2019), and the relevant Cayman National shareholder has tendered 100 shares under the Partial Offer, RBTTBL would acquire only 84 shares from that shareholder in accordance with the above formula. Accordingly, that shareholder would receive US$525 from RBTTBL as consideration for those shares and would retain 16 Cayman National shares going forward.
RBTTBL accepts responsibility for the information contained in this media release and, to the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and, where appropriate, that it does not omit anything likely to affect the import of such information.
For further information please contact:
+1 345 945 8188
+1 345 926 0187