WEEKLY BULLETIN for week ended August 8, 2013
Sagicor Financial Corporation (SFC) � 29.07.13
The following press release was issued by SFC:
Sagicor Financial Corporation ("Sagicor" or "the Company") has announced that the Company has entered into an agreement to sell Sagicor Europe Limited ("SEL") and its subsidiaries, which include Sagicor at Lloyd's Limited ("SAL"), to AmTrust Financial Services, Inc for approximately GBP56 million, which is GBP15 million above SEL's net asset value as of December 31, 2012.
SAL is the managing agent and owner of Lloyd's property/casualty insurance syndicate 1206 with stamp capacity of �200 million and life insurance syndicate 44 with stamp capacity of �7 million. SEL is a Cayman Islands domiciled holding company and the sale also includes a reinsurance entity and two Lloyd's corporate members. The transaction is expected to close in the fourth quarter of 2013, pending regulatory and other necessary approvals.
"Sagicor entered into this sales process to enable SAL to have access to more capital to fund its business growth." said SFC President and CEO, Dodridge Miller. "We believe this transaction will be beneficial to our shareholders."
Trinidad Cement Limited (TCL) � 18.07.13
The following notice to shareholders was issued by TCL:
On June 14, 2013 TCL received a Shareholders' Proposal from a group of eleven shareholders holding 5.68 per cent of TCL, and includes Wilnet Holdings Limited, Stephen Espinet, MASA Investments Limited, Brimont Limited, Kamal Ali, Alescon Readymix Limited, Bourne Investment Inc., Tatil Life Assurance Limited, Nicholas Development Limited, Helen Bhagwansingh and Issa Nicholas Holdings.
As previously reported, on Friday, July 12, 2013, the Honourable Mr Justice Harris granted an injunction restraining the holding of TCL's Annual Meeting scheduled for 4.30pm on that same day and adjourned the matter to Friday, July 19, 2013. TCL immediately filed a Notice of Appeal challenging the granting of the injunction and requesting an expedited hearing of its appeal. That hearing in the Court of Appeal is fixed for Monday, September 30, 2013.
When the matter came up before the Honourable Mr Justice Harris on Friday, July 19, 2013, attorneys for the proposing shareholders requested that it should be fast tracked towards a trial even before the matter is heard before the Court of Appeal on Monday, September 30, 2013. This request was denied and the case was adjourned to Friday, October 4, 2013.
Based on facts that have come to light in this matter including the statements and admissions made by Mr Wilfred Espinet in his affidavit filed in Court, and having regard to the circumstances surrounding the involvement of Republic Bank, Mr Ian De Souza and Mr. Wilfred Espinet in the orchestration of the Shareholders' Proposal, TCL has lodged the following:
1. A complaint to the Central Bank, requesting that Mr De Souza be disqualified from the status of being a fit and proper person to be concerned with the management of a financial institution, under the Financial Institutions Act, 2008; and
2. A complaint to the SEC against Republic Bank, Mr Ian De Souza and Mr Wilfred Espinet pursuant to Section 92 (b) of the Securities Act, 2012;
3. A request that the SEC undertake an investigation pursuant to Section 150 of the Securities Act into whether or not Messrs De Souza and Espinet have contravened the insider trading provisions contained in Sections 100 to 101 of the Securities Act.