(CMR) The sale of Cayman National Bank is still very much a possibility as a revised offer was recently received.
Cayman National Bank (CNB) had a staff meeting at 4:30 pm yesterday afternoon after issuing another announcement shortly before on the Cayman Islands Stock Exchange website. CNB shares have gone up for US$3.00 to $4.90 as of 11 September. The offer price is now US$6.25 per CNB share.
The published announcement essential states that a revised proposal from Republic Bank Trinidad and Tobago (Barbados) Limited (RBTTBL) was received. It further states that an offer circular would and Notice of Extraordinary General Meeting will be distributed â€śin coming weeks.â€ť
Our exclusive sources indicate that by Friday shareholders will be expected to complete the form indicating whether they wish to sell their shares or not.
This announcement comes after the one published on 6 August 2018 that created a firestorm among the local community who hear that one of Caymanâ€™s remaining local entities will be majority controlled by RBTTBL. Apparently, the revised offerâ€™s price has changed but all else remains the same.
It stresses that thereâ€™s no certainty that the Revised Offer will be made to Cayman National shareholders. Apparently, thatâ€™s only part of the conditions as other criteria have to be bet including at least a 51% minimum acceptance level and approval by various regulatory agencies. At no point will RBTTBL own more than 74.99% of the shares in Cayman National.
So far, CMR has found no local persons or business who are in favor of the sale and there are fears that the sale will be a detriment to the local community as this entity is seen as the last â€śCaymanian bankâ€ť.