Published: May 1, 2008
As it moves closer to finalising a US$2.2 billion takeover deal by Canada's largest bank, RBTT Financial Holdings will apply in a few days to suspend trading of its shares on the local stock market.
Just before the local banking group is acquired, shareholders will get one final dividend for their stock from RBTT Financial Holdings, Group chief executive, Suresh Sookoo, told the Express yesterday.
RBTT advised yesterday that it expects to receive shortly the requisite regulatory approvals to complete the amalgamation of RBTT and RBC Holdings (Trinidad and Tobago) Ltd, an indirect subsidiary of the Royal Bank of Canada.
Majority shareholders voted in favour of the takeover at a special meeting of the bank at the Hilton Trinidad on March 26, amid protests from minority stockholders and trade union members who opposed the sale of the bank.
Shareholders will receive cash and stock in RBC when the deal is completed.
In a published statement, RBTT said it intends to apply to the Stock Exchange to suspend trading of its shares on or soon after May 5.
If granted, the last effective trading date for RBTT shares on the Trinidad, Jamaica and Barbados stock exchanges will be the last trading date preceding May 5, or the last trading day before the suspension of trading.
Sookoo said the published statement was to prepare shareholders and to inform them the banking group was "getting close" to formalising the legal and regulatory approvals for the amalgamation.
He projected that the deal could be complete by the end of May.
Sookoo noted that RBTT had also given a commitment to pay shareholders a final dividend before the final deal is completed.
Stockbroker and independent senator Subhas Ramkhelawan commented yesterday that the RBTT notice was not abnormal, but pointed out that it needed to be linked to a clear date for the completion of the deal.
He said that based on the notice, he expected the proceedings to be completed within weeks.
Source:
Curtis Rampersad
Trinidad and Tobago Express
http://www.trinidadexpress.com/index.pl/article_business?id=161317209
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