Last update: 05-Dec-2013 3:57 pm
Thursday, December 05, 2013
Trinidad & Tobago Guardian Online
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First Citizens allocates shares
First Citizens says its initial public offering received 12,435 applications for 151,557,147 ordinary shares. In full-page advertisements published yesterday, the bank said the IPO was oversubscribed in its entirety with total subscriptions of $3,329,043,524.
The largest number of shares were allocated to individual investors who are nationals of T&T—12,851,807 or 26.5 per cent of the total offered. The next largest allocation, 12,123,916 or 25 per cent of the total shares, went to registered pensions and other trust funds, credit unions and co-operatives. Registered mutual funds, including the T&T Unit Trust Corporation, were allocated 10,040,094 shares, or 20.7 per cent. The National Insurance Board was allocated ten per cent—4,849,566 shares.
The remaining shares went to employees of First Citizens, companies registered in T&T and other investors, including the Commonwealth Development Corporation and the Caribbean Investment Fund. Trading in these ordinary shares are expected to begin by September 16 once listing and trading approvals are received from the T&T Stock Exchange and the T&T Central Depository.
“Statements with the share allocation of each investor will be mailed out by the T&T Central Depository from September 6, 2013, and refunds of any surplus funds from subscription payments by investors will be returned on that date to the bank whose details were provided on the subscription form,” the bank said in a statement.
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