Republic Bank Trinidad and Tobago (Barbados) Limited (“RBTTBL”) is extending the expiration date for the Partial Offer for Cayman National Corporation Ltd. (Cayman National).
The initial partial circular dated 14 September 2018 expires tomorrow at 5:00 pm. However, they have extended the deadline to Friday, 21 December 2018.
They noted in a press release that they had acquired the approval of the Dubai Financial Services Authority. Cayman National consists of 6 corporations in three jurisdictions with a host of subsidiaries. Jurisdictions include Cayman, Dubai and Isle of Man.
It further states that RBTTBL and Cayman National will continue to
“work diligently with the relevant regulatory and governmental bodies to assist with their review of the Partial Offer and remains firmly committed to completing the purchase.”
86.36% of shareholders wish to sell their shares; however, Republic Bank is only acquiring 74.99% in order to remain a publicly traded entity on the Cayman Islands Stock Exchange.
In the interim, there are other parties working towards a formal application to be submitted to the Cayman Islands Stock Exchange (CSX). CMR understands that legal advisers are finalizing the deal to be in full compliance with the legal codes required by the CSX. That could happen as soon as this week. Sources indicate that the offer will be an enhanced partial cash offers that would actually see shareholders make more money on their shares.
Trinidad Bank has come under increasing scrutiny from other Caribbean countries where it is now seeking to make acquire Scotiabank in 9 other jurisdictions. There are concerns about their recent movies especially in light of the fact that they are one of 11 countries that still has “strategic deficiencies” according to the FATF.