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NCBJ extends closing date for GHL takeover bid

Saturday, January 13, 2018

There has been an extension of the closing date for the purchase of Guardian Holdings Limited shares by Jamaican-based NCB Global holdings.

The closing date has been extended to February 2, 2018 according to a public notice in the media.

Last December, NCB Financial Group Limited announced its intention to acquire a majority stake in local insurance giant Guardian Holdings Limited (GHL).

The offer was made to acquire 74, 230,750 ordinary shares of GHL.

The notice said: “While the majority of the terms and conditions of the offeror have been satisfied or otherwise waived and the offeror has received the sign-off from most of the regulatory authorities in respect of the proposed acquisition, the Offeror has applied for and is waiting certain other regulatory approvals required to be obtained by it before it may take up and pay for any tendered offer shares.”

Given the extension, the notice said that this will allow GHL shareholders the opportunity to consider the above additional information and to ensure that the acquisition of the offered shares is in compliance with all applicable laws and to prevent the offer period and the offer expiring before all requisite approvals are obtained.

Last week, minority shareholder activist Peter Permell raised concerns about some of the conditions of the sale of shares from GHL to NCB Financial Group.

He said the offer that was made was for US$2.35 per share which works out to be around TT $15.60 but that this significantly undervalued the worth of GHL shares.