Readymix being de-registered

THE Securities and Exchange Commission (SEC) on Thursday said an order has been issued to de-register Readymix West Indies Ltd as a reporting issuer to the commission. This development brings the takeover of the company by Trinidad Cement Ltd (TCL) one step closer to completion.

In a circular dated March 27, 2017 and amended four days later, TCL said Readymix shareholders agreed to its offer to purchase all ordinary shares in Readymix. In an April 2017 circular sent by Readymix to its shareholders in March 2017, it said TCL will pay $11 or US$1.62 per share to acquire the outstanding shares that it does not already hold in the company. TCL currently owns 71.1 per cent of Readymix’s issued share capital or 8,531,977 shares of the company. The remaining 28.9 per cent of shares are owned by a number of institutional and individual shareholders, with Republic Bank being the single largest shareholder owning 12.93 per cent.

In its statement on Thursday, the SEC said within seven days from the date of expiration of the period of restriction as outlined in the covid19 public health regulations, TCL shall make an offer to purchase all of the ordinary shares in the capital in Readymix held by minority shareholders at $13.42 per share. This will be done by by way of publication of the offer twice in each week in two daily newspapers of general circulation in TT for a period of two consecutive weeks and by posting notice of the offer via registered mail to the address on the register for each minority shareholder on record.