Ansa Coatings US$22.5 million in cash to acquire the holding company of holding the majority shares in Berger’s operations in Barbados, Jamaica, and Trinidad and Tobago in July 2017.
The amount was stated in the valuation report done by PriceWaterhouseCoopers for the Berger Trinidad. According to the report “ANSA represented to us that a total cash consideration paid for the investment in LBOH, of which US$2.976 million was allocated to the 3,613,011 BPTL ordinary shares (representing a value of TT$5.60 per share at a conversion rate of US$1 = TT$ 6.79). ASNA further represented that the purchase consideration was not derived based on an individual territory/ subsidiary basis but for the Caribbean operations as a whole.”
The payment places the consideration of shares in the Jamaican company, close to the price of $10.88 that was offered to the Jamaican shareholders.
According to the report the PWC reports state that “we understand that the offeror also obtained a valuation from an independent valuator as at 31 March 2017. This report estimated that the value of 100% of BPTL’s issued share to be within the range of $4.41 to $5.00 per share, with the best estimate being the midpoint of $4.70 per share.”
ACI made an offer to acquire the remaining minority shares at $6.76 per share, the price it paid to Cham Ramlal ltd. for 9.69% of the shareholding a huge premium over the traded price around $4.05. The cost to acquire the remainder of Berger Trinidad will be just over US$720,000.
The Directors recommended that the shareholders accept the offer. In doing so they took account of the fact that ANSA McAL exercises control and direction over approximately 80.86 percent of the issued and outstanding share capital of the Company. Consequently, the remaining shareholders will, in effect, have limited power to challenge any decisions of the offeror and its affiliates. Further, where the offeror, pursuant to the offer, acquires 90 per cent of the offer shares, there are statutory provisions which empower the offeror to acquire the shares of those shareholders who do not accept the offer.
They also considered the fact that the offer was well ahead of the historical price the stock traded at in the past and the poor profit performance in the past with more expected to come as well as the fairness opinion by PWC. All of that was done without trying to frighten shareholders into giving up their shares and is in complete contrast to the recommendations of Jamaican directors, using false information and withholding others pertinent information from the local shareholders, in trying to bully hem into giving away their shares. Warren McDonald a director of Berger Jamaica is one of the directors of the Trinidad company.
US$22.5m for Berger Caribbean
6 TTSE stocks rose in weak market
Market activity on the Trinidad & Tobago Stock Exchange on Thursday resulted in 13 securities changing hands compared to 8 on Wednesday. At the close, 6 stocks advanced, 3 declined and 4 were unchanged.
The Composite Index advanced 0.88 points to 1,274.51, the All T&T Index lost 0.58 points to 1,740.90 and the Cross Listed Index gained 0.32 points to close at 108.93.
Market activity ended with 80,674 shares traded at a value of $2,224,568 compared to Wednesday’s trades of 74,546 valued at $1,870,096.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 8 with lower offers.
Gains| The last traded prices of securities rising on Thursday are, Clico Investment that gained 50 cents in closing at $20.50, with 30,278 shares valued at $632,166 trading. First Citizens ended with gains of 12 cents, to settle at $31.97 after exchanging 1,771 shares while First Caribbean International closed at a 52 weeks’ high of $9.30, by gaining 5 cents with 1,000 units traded. Guardian Holdings advanced 10 cents to $15.70 in exchanging 1,075 units, Sagicor Financial gained 1 cent, in closing at $7.81 with 1,200 shares and 
Scotiabank traded 25 cents higher, ending at $58.75 with just 100 units changing hands.
Losses| The last traded prices of securities declining are JMMB Group with a loss of 2 cents, closed at $2.18 with 9,063 shares changing hands, Massy Holdings declining by 92 cents to a 52 weeks’ low of $48 trading 7,041 share valued at $338,989 and National Enterprises that ended at a 52 weeks’ low of $9.70, after losing 5 cents with 232 units.
Firm Trades| Securities with the last traded prices unchanged at the close are, Angostura Holdings that ended at $15.05 with 400 units, Ansa McAL closed at $63.03 trading 17,014 shares valued at $1,072,392, National Flour Mills remained at $1.90 in exchanging 10,000 shares and Trinidad & Tobago NGL held firm at $24 with 1,500 shares.
NCB Financial in big drop in Trinidad – Monday
NCB Financial Group dropped 9.2% on the TTSE.
NCB Financial Group dropped sharply at the close of trading Trinidad & Tobago Stock Exchange on Monday, shedding 60 cents or 9.2 percent in closing at $5.90 after exchanging 159,506 shares.
The market ended with 14 securities changing hands compared to 12 on Friday as the prices of 4 stocks advanced, 3 declined and 7 closed unchanged. Total volume passing through the market was 363,319 shares at a value of $3,307,599 compared to Friday’s trades of 337,266 valued at $3,015,209.
The Composite Index declined by 12.34 points to 1,283.94, the All T&T Index gained 0.03 points to 1,754.84 and the Cross Listed Index slid 3.39 points to close at 109.59.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| The last traded price of the securities rising and the volumes changing hands are Ansa McAL with gains of 3 cents, closed at $63.03 with 7,314 shares valued at $460,991, Clico Investment traded 20 cents higher, closing at $21 with 25,533 shares valued at $535,150, National Flour Mills ended at $1.95, gaining 1 cent with 1,500 units traded and Trinidad & Tobago NGL closed at $23.70, after trading as high as $23.90, but closed with a gain of 4 cents, in trading 13,497 shares valued at $322,571.
Losses| The last traded price of the securities declining on Monday are, 
JMMB Group with a loss of 5 cents, to settle at $2.15 with 25,925 shares exchanged, NCB Financial Group closed 60 cents lower to $5.90 trading 159,506 shares valued at $961,048, the stock closed with 40,494 units on offer at $5.90 with no buying interest expressed at the close and Republic Financial Holdings fell 5 cents, closing at $101.70 with 15 units.
Firm Trades| The last traded prices of securities and the volumes traded unchanged at the close of trading are First Citizens traded 340 units at $31.81, Grace Kennedy closed at $3 exchanging 50,000 shares, Massy Holdings remained at $49 with 1,217 units, Readymix with trades of 345 units, closed at $11. Sagicor Financial held firm at $7.95 with 74,196 shares valued at $589,818, Scotiabank ended at $58.50 exchanging 2.526 shares and Trinidad Cement closed at $3.95 with 1,405 units traded.
5 stocks up 4 down on TTSE
The Trinidad & Tobago Stock Exchange closed on Thursday with 16 securities changing hands compared to just 11 on Wednesday, as the market closed with mixed results as almost an equal number of stocks gained as lost.
Market activity resulted in 5 stocks advancing, 4 declining and 7 left unchanged as 636,867 shares traded at a value of $4,568,685 compared to Wednesday’s trades of 239,293 valued at $1,003,289.
The Composite Index lost 0.20 points to 1,294.98, the All T&T Index gained 1.34 points to 1,753.89 and the Cross Listed Index was down 0.24 points to 112.75.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 8 with lower offers.
Gains| The last traded price of the securities rising and the volumes changing hands are First Citizens with a gain of 1 cent, closing at $31.81 with 500 units exchanged, First Caribbean International Bank traded 25 cents higher to a 52 weeks’ high of $9.25 with 17,063 shares. Guardian Holdings advanced 50 cents to $15.50 with 47,810 units valued at $729,085, JMMB Group gained 5 cents to $2.20 trading 353,676 shares valued at $757,834 and Trinidad & Tobago NGL closed at $23.58, rising 3 cents while exchanging 7,500 shares.
Losses| The last traded price of the securities declining and the volume changing hands are Ansa McAL with a loss of 3 cents, settling at $63 in trading 21,434 shares valued at $1,350,342, Clico Investment sliding 20 cents, in closing at $21.80 exchanging 200 units, 
Republic Financial Holdings lost 1 cent, ending at $101.75 trading 19 stock units and Sagicor Financial closed at $7.95, losing 1 cent with trades of 63,620 shares valued at $505,799.
Firm Trades| The last traded prices of securities closing unchanged and the volumes exchanged are Angostura Holdings traded 17,100 shares at $15.05, Grace Kennedy trading at $3 with 70,778 shares. Massy Holdings closed at $49.50 exchanging 3,025 shares, National Enterprises traded 250 units at $9.75. National Flour Mills closed at $1.95 with 1,000 units, One Caribbean Media settled at $14 exchanging 2,000 shares and Scotiabank closed at $58.50 trading 304 stock units.
NCB at record high in Trinidad
NCB trades at record TT$6.50 or J$123.50 on the TTSE on Friday.
Trading on the Trinidad & Tobago Stock Exchange on Friday resulted in 13 securities changing hands compared to 18 on Thursday with NCB Financial Group climbing to a 52 weeks’ high of $6.50 while Ansa McAL led trading with 65 percent of the value of securities traded.
The market closed with 3 stocks advancing, 2 declining and 8 unchanged as 360,606 units traded at a value of $6,717,397 compared to Thursday’s trades of 458,073 units valued at $5,509,500.
The Composite Index dropped 0.68 points to 1,289.26, the All T&T Index declined by 2.85 points to 1,753.55 and the Cross Listed Index continued its rise, adding 0.21 points to close at 111.23.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 2 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| At the close of the market NCB Financial Group rose 5 cents, to a 52 weeks’ high of $6.50 trading 80,545 shares valued at $523,543, 
Republic Financial Holdings traded 13 cents higher, closing at $101.89 with 3,460 shares valued at $352,307 and Trinidad & Tobago NGL gained 1 cent to close at $23.50 exchanging 6,099 shares.
Losses| Clico Investment lost 16 cents, and closed at $21.04 while exchanging 22,594 shares valued at $475,282 and National Enterprises closed 25 cents lower to a 52 weeks’ low of $9.75 with 2,337 shares.
Firm Trades| In trading on Friday Ansa McAL closed at $63.03 trading 69,500 shares valued at $4,379,985, Grace Kennedy settled at $2.95 with 58,902 shares trading, Guardian Holdings closed at $15 with 17,000 shares, JMMB Group held firm at $2.07 with 44,840 shares. Massy Holdings remained at $49.50 exchanging 2,303 shares, National Flour Mills closed at $1.99 with trades of 40,000 shares, Sagicor Financial exchanged 13,000 shares at $8 and Unilever Caribbean ended at $38.75 with just 26 units.
67% premium for Berger T&T
Minority shareholders of the Trinidad and Tobago listed Berger Paints are set to get a 67 percent premium on their shares, with Ansa Coatings offer of TT$6.76 for the shares.
The shares were trading at TT$4.05 on the last trading day, prior to the public announcement of the takeover by the Ansa Coatings.
On July 31, Ansa completed the purchase of 500,000 shares from Chan Ramlal Limited being 9.69 percent of the issued shares at the price of offer price. The transactions triggered an obligation by the Group to make a mandatory bid for the remaining shares at the price paid for the Chan Ramlal shares.
According to Ansa, “a consequence of the LBOH Acquisition and the purchase of the Chan Ramlal shares, ACI is the beneficial owner of 3,613,011 Shares and the registered owner of 500,000 Shares amounting in total to 4,113,011 Shares and together with the 60,606 Shares owned by Sissons Paints Limited, ANSA McAL is the deemed beneficial owner of and controls approximately 80.86 percent of the issued share capital of Berger.”
Berger Paints’ Jamaica minority shareholders were offered a negative price to that at which the stock was trading at locally, which was rejected by shareholders, holding 94 percent of the minority shares.
TTSE indices’ gains mask deeper problems
Market activity on the Trinidad & Tobago Stock Exchange, resulted in 6 stocks advancing, 3 declining and 9 unchanged, but this positive move belies a deeper problem awaiting a market, that continues to struggle within a sick economy.
The Composite Index gained 1.30 points to 1,289.94, the All T&T Index rose 1.52 points to 1,756.40 and the Cross Listed Index added 1.52 points to close at 111.02.
IC bid-offer Indicator| The Investor’s Choice bid-offer while indicating weaknesses in the market with 3 stocks with bids higher than last selling prices and 5 with lower offers does not tell the full story of the weakness in the market. The deeper problem is the large variance between some of the stocks offered for sale compared to the last price the stock traded at. West Indian Tobacco is set to make a big negative dent in the market index when next it traded as it is offered at $5 lower than the last price it traded at, with 1,796 shares offered at $116. The closest bid to buy is at $106.25 for only 16 shares. National Enterprises offer is 20 cents lower than the last trade. Calypso Macro Fund is offer for 90 cents less than the last trade, at $21.04 and Mora Ven Holdings
This graph tell the story that Unilever shares are set for a steep fall going forward.
is offered at $1.49 below the last trade at $14.49. Unilever Caribbean is also very weak with 40,863 shares offered for sale at $38.75 but buyers are down at $35 for just 310 units. Unilever reported profit of $3 million for the June quarter or 11 cents per share and $6.8 million for the half year suggesting profit around 60 cents for the full year and is now priced at a PE ratio of 64 times earnings, the clearest indication of a huge fall in the price to come.
At the close of trading the number of securities trading climbed to 18 on Thursday compared to 15 on Wednesday, leading to 458,073 shares trading at a value of $5,509,500 compared to Wednesday’s trades of 350,612 valued at $4,377,442.
Gains| At the close of market activities, Ansa McAL traded 20,500 shares valued at $1,292,100 and gained 8 cents, to close at $63.03, Clico Investment traded 20 cents higher, closing at $21.20 with 87,039 shares valued at $1,831,429, Massy Holdings ended at $49.50, gaining 1 cent with 11,979 shares valued at $592,958. National Flour Mills closed at $1.99, rising 4 cents while trading 6,000 shares, Scotiabank advanced 40 cents to $58.50 trading 1,000 units and Trinidad Cement rose 5 cents, and settled at $4 exchanging 49,601 shares.
Losses| Trading ended as, JMMB Group traded with a loss of 2 cents, and closed at $2.07 exchanging 188,500 shares valued at $395,789, Point Lisas lost 1 cent to close at $3.95 with 500 units and Prestige Holdings was down 1 cent to $10.75 trading 9,075 shares.
Firm Trades| The last traded prices of securities closing unchanged are Angostura Holdings that closed at $15.05 with trades of 7,541 shares, Ansa Merchant Bank exchanging 3,020 shares at $40, Grace Kennedy trading 14,778 shares at $2.95. Guardian Holdings remained at $15 with 1,204 units, One Caribbean Media closed at $14 with 350 units, Republic Financial Holdings ended at $101.76 with 81 units. Sagicor Financial traded 10,000 shares at $8, Trinidad & Tobago NGL closed at $23.49 exchanging 19,958 shares valued at $468,779 and L.J. Williams 8% preference share exchanged 42 units at $3.30.
Mixed trading in Trinidad
Trading on the Trinidad & Tobago Stock Exchange on Tuesday resulted in 16 securities changing hands compared to 13 on Monday. One Caribbean Media was the dominant trade with 70 percent of the value of securities exchanged, while NCB Financial inched 1 cent higher, to end at a closing high of $6.21.
At the close, 4 stocks advanced, 8 declined and 4 remained unchanged as 656,483 shares traded at a value of $7,023,258 compared to Monday’s trades of 327,937 valued at $2,161,206.
The Composite Index gained 1.08 points to 1,284.03, the All T&T Index declined 1.80 points to 1,754.53 and the Cross Listed Index gained 0.55 points to close at 109.65.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 2 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| The last traded price of the securities rising and the volumes changing hands are JMMB Group with gains of 4 cents, closed at $2.04 trading 181,662 shares valued at $352,263, NCB Financial Group ended at a 52 weeks’ closing high of $6.21, rising 1 cent with 1,084 units, earlier the price hit a record high of $6.34 before pulling back by the close. Prestige Holdings gained 1 cent to close at $10.76 with 3,000 shares and Sagicor Financial closed 5 cents higher to $8 in exchanging 3,158 shares.
Losses| The last traded price of the securities declining and the volume changing hands are Angostura Holdings with a loss of 5 cents, ended at $15 with 450 units, Ansa McAL lost 5 cents and closed at a 52 weeks’ low of $62.95, with 6,388 shares trading valued at $402,448. 
First Citizens slipped 8 cents, settling at $31.81 while exchanging 1,042 units, Guardian Holdings lost 1 cent, closing at $15 with 2,747 shares, Massy Holdings slid 35 cents to $49.50 with 400 units changing hands. Point Lisas ended at $3.96, with a loss of 4 cents in trading 25,000 shares, Trinidad Cement declined by 5 cents to settle at $3.95 with 400 units changing hands and Trinidad & Tobago NGL close down 1 cent, to $23.49 with 6,177 shares.
Firm Trades| the securities closing with unchanged prices at the close are Clico Investment closing at $21 after exchanging 37,694 shares valued at $791,524, while Grace Kennedy traded 33,150 shares at $3, One Caribbean Media settling at $14 with 354,031 shares valued at $4,956,434 and Republic Financial Holdings exchanging 100 units at $101.76.
JMMB at J$39 NCB at J$117 on TTSE
NCB trades at TT$6.15 or J$117 on the TTSE on Tuesday.
JMMB Group and NCB Financial Group surpassed previous highs to close at $2.05 or J$39 compared to a close of $28 in Kingston and $6.15 or the equivalent for $117 on the Jamaica Stock exchange respectively in Tuesday’s trading on the Trinidad & Tobago Stock Exchange.
Market activity resulted in 16 securities changing hands compared to 9 on Monday as 4 stocks advanced, 3 declined and 9 held firm as 290,111 shares traded at a value of $3,885,729 compared to Monday’s trades of 401,886 valued at $3,227,519.
The Composite Index climbed 12.56 points to 1,274.29, up a mere 5.35 percent for 2017, the All T&T Index fell 0.65 points to 1,759.33 and is down slightly by 4 percent for the year and the Cross Listed Index trended higher by 3.53 points to 106.31, up 36 percent for the year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 7 with lower offers.
Gains| Trading ended as First Caribbean International Bank closed at $8.50, after rising 25 cents with 5,000 shares changing hands, JMMB Group advanced 20 cents to close at a new 52 weeks’ high of $2.05, while trading 41,736 stock units, NCB Financial Group rose 15 cents to a 52 weeks’ high of $6.15 exchanging 25,000 units and Trinidad & Tobago NGL added 1 cent to close at $23.50 with 19,487 shares valued at $457,831 changing hands.
Losses| At the close of market activities, Ansa McAL ended at $63, with a loss of 1 cent trading 37,552 shares valued at $2,365,776, Guardian Holdings slid 10 cents to close at $15 with 10,537 stock units and National Flour Mills closed at a 52 weeks’ low of $1.98, losing 2 cents with 6,700 shares traded.
JMMB traded at the equivalent of J$39 on the TTSE v $28 in Kingston.
Firm Trades| At the end of trading Clico Investment closed at $21.46 exchanging 5 units, First Citizens remained at $31.80 with 2,322 shares and Grace Kennedy exchanged 117,461 shares at $2.90, valued at $340,637. Massy Holdings traded just 9 stock units at $50. National Enterprises ended at $10 with 785 units, One Caribbean Media closed at $14 with 800 shares trading. Point Lisas settled at $4 with 3,442 stock units changing hands, Sagicor Financial held firm at $7.95 exchanging 19,115 shares and Scotiabank closed at $58.10 with 160 units trading.
Prices of securities trading for the day are those at which the last trade took place.
Modest stock trading in Port of Spain
West Indian Tobacco dropped $1.96 on Monday.
Trading on the Trinidad & Tobago Stock Exchange remained subdued on Monday with only 9 securities changing hands compared to 8 on Friday and closed with a sharp fall in the price of West Indian Tobacco.
At the close, 4 stocks advanced, 2 declined and 3 were unchanged as 401,886 shares traded at a value of $3,227,519 compared to Friday’s trades of 184,060 valued at $2,231,341.
The Composite Index fell 0.49 points to 1,261.73, the All T&T Index declined by 1.17 points to 1,759.98 and the Cross Listed Index inched higher by 0.03 points to close at 102.78.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 3 stocks with bids higher than last selling prices and 4 with lower offers.
Gains| At the end of market activity, Clico Investment climbed 46 cents to $21.46, in exchanging 8,380 shares, Grace Kennedy gained 1 cent to close at a 52 weeks’ high of $2.90 with 26,184 shares changing hands, Massy Holdings traded $1 higher to $50 with 1,011 units and 
Trinidad & Tobago NGL ended with gains of 9 cents, at $23.49 with 4,311 shares traded.
Losses| At the close of trading Sagicor Financial ended at $7.95, with a loss of 5 cents after 2,500 shares changed hands and West Indian Tobacco dropped $1.96 and closed at a 52 weeks’ low of $123, having traded 406 units.
Firm Trades| At the close of trading,Ansa McAL closed at $63.01, with 17,870 shares valued at $1,125,989, First Citizens remained at $31.80 with 9,427 shares and Trinidad Cement closed at $4 with 331,797 shares valued at $1,327,188.
