(CMR) Despite a vocal minority at the Extraordinary General Meeting (EGM) this evening the motion to accept the Partial Offer from Republic Bank Trinidad and Tobago (Barbados) Limited was carried 79.7% in favour of the offer.
The EGM had several heated moments including when shareholder AL Thompson shared some concerns about the company wishing to make the acquisition. In fact, there were comments regarding what due diligence had been carried out on the owners of that entity.
Despite Thompson's impassioned plea the majority shareholders still voted for the Partial Offer.
Many appear to be concerned about the future and security of the Caymanian staff at an institution that predominately hired local staff; but in the end the majority of the shareholders decided to sell their shares.
There are remaining formalities to be carried out by several regulatory agencies including both the Cayman Islands Stock Exchange and the Cayman Islands Monetary Authority.