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TTNGL announces more shares on sale
T&T NGL Limited (TTNGL) has announced that approval has been given for the additional sale of shares to the public.
In a published print advertisement the company said: “At a meeting of the board of directors of TTNGL, held on May 17, 2017, the Directors approved the additional sale of 40,248,000 Class B shares in TTNGL, owned by NGC.”
In his 2017 budget statement Finance Minister Colm Imbert announced that in order to finance its fiscal programme, the government would embark on a sale of assets program.
In the first of its sale of assets programme, the government raised $1.025 billion from the sale of 32,035,770 additional shares of First Citizens Bank.
The offering was 34 per cent undersubscribed as the government had intended to raise $1.5 billion from the sale of 48,495,665 at a price of $32 per share.
Initially in his 2017 budget statement, the finance minister indicated that the government was looking to raise $1.5 billion from the sale of additional TTNGL shares.
However, in the May 10 mid-year review, Imbert said that the government would instead be seeking to raise $800 million from the sale of 40,248,000 TTNGL shares. That implies a price of roughly $20 per share, which represents a 10 per cent discount to the current market price of $22 per share for TTNGL.
For its first quarter ended March 31 2017, TTNGL generated after-tax profits of $56.9 million, an 88.4 per cent improvement when compared to the corresponding quarter in 2016 when the company recorded $30.2 million in profit after tax.
At its April 25 annual general meeting, a resolution was approved by shareholders that would allow the board, at its discretion, to make dividend payments in either TT or US dollars.
Commenting on this resolution, TTNGL chairman Gerry Brooks said: “We stated last year the intention to give serious consideration to the payment of dividends, or part thereof, in US dollars. That was actively considered by our board and the passage of this resolution allows us to change the by-laws to pay either in TT dollars or US-denominated currency.”