NCB Financial Group has advised that the offer to acquire up to 62 percent of Guardian Holdings shares lapsed due to failure for condition 2.4.5 of the Offer.
The conditions in summary stipulates that the conclusion of the offer is subject to there being no action instituted or threatened or investigation by government or its bodies or legal action that may delay the completion of the offer or make it illegal.
At the end of Friday 23rd February, there are terms and conditions of the Offer which remain outstanding a release from NCB stated, as such and in accordance with the provisions of the Securities Industry (Take-Over) By-Laws, 2005 the Offer lapsed.
The latest tally of offers received showed 535 Guardian shareholders tendered approximately 91,743,975 shares which, together with the NCB existing shareholding, represents approximately 70.24% of the outstanding GHL Shares. No shares deposited have been taken up by the Offeror.
NCB future states that the Trinidad and Tobago Securities and Exchange Commission has decided to convene a hearing in accordance with the provisions of the Securities Act, 2012 in respect of the facts and circumstances surrounding the Offeror’s equity interest in GHL and the issuance of the Offer Circular.
Minority owners disrupt NCB’s Guardian offer
February 23, 2018 by
