NCB Financial offer to acquire up 62 percent of Guardian Holdings is assured to receive offers that will take them over the 50 percent mark to 52 percent.
Two directors have confirmed to the company’s board with just over 21 percent of the shares state that they have or intend to accept the offer that closes on January 12.
According to the Guardian directors in their comments on the offer, “as at the present time, after reasonable enquiry, the following Directors and senior Officers referred have indicated that they have accepted or intend to accept the Offer.”
The directors’ recommendation document shows that, Arthur Lok Jack owns 25,401,926 or 10.95 percent of the group’s shares, Nicholas Lok Jack 30,957 shares, Imtiaz Ahamad owns 30,957 units directly and indirectly 25,216,319 or 10.88 percent and Henry Peter Ganteaume who indicated he intends to tender up to 140,000 shares. NCB Financial Group already owns 29.99 percent and with the above commitment will end up with a least 52 percent of the company and would only require another 10 percent to get them to the level they aim for.
Guardian Holding
The Board has noted that the intention is to create “a truly Pan-Caribbean, diversified financial services conglomerate” and the business strategy underlying same and has concluded that the Offer is in the best interests of the Company, as it should benefit GHL in the following ways: enhanced market access in the Northern Caribbean and elsewhere. Improved access to capital will allow GHL to pursue more vigorously than in the recent past inorganic growth opportunities. Extraction of cost synergies across the group will have a favourable impact upon future profitability.
The directors’ report states that the Offer and Take-Over Bid Circular shows the valuation of the shares performed by Ernst and Young Services Limited ranges between TT$16.99 to TT$19.51 and TT$15.19 to TT$25.21.
Individuals in Guardian who may not need cash should not only hold their shares but should be adding to their holdings to benefit from the cost savings and increased income that should flow from the greater linking of the group.
