Last week’s com­men­tary, in this space, was head­lined, Did the PNM fail TTNGL share­hold­ers? and may have caught some read­ers by sur­prise, as it praised the de­ci­sions of the cur­rent board of the pub­licly list­ed TTNGL for re­turn­ing val­ue to the com­pa­ny’s share­hold­ers, based on the le­gal and ac­count­ing ad­vice the board re­ceived.

I am sur­mis­ing that last week’s col­umn may have raised a few eye­brows be­cause read­ers may have formed the view that this com­men­ta­tor is against the cur­rent Unit­ed Na­tion­al Con­gress (UNC) ad­min­is­tra­tion, based on the fact that many of the gov­ern­ment’s ac­tions and state­ments have been crit­i­cised in this space.

That crit­i­cism, or at least the ques­tion­ing of de­ci­sions and state­ments, be­gan as far back as April 4, 2025, in a piece head­lined ‘Can T&T af­ford Kam­la’s promis­es?’ which at­tempt­ed to place in­to a fi­nan­cial con­text, sev­en of the cam­paign promis­es made by the cur­rent Prime Min­is­ter of T&T, Kam­la Per­sad-Bisses­sar, in the run-up to the April 28, 2025, gen­er­al elec­tion.

And, by the way, most of those sev­en promis­es have NOT been ful­ly de­liv­ered:

* Not all pub­lic sec­tor em­ploy­ees have re­ceived in­creased com­pen­sa­tion of at least 10 per cent, which was grant­ed to em­ploy­ees rep­re­sent­ed by the Pub­lic Ser­vices As­so­ci­a­tion;

* Cor­po­rate tax­es have NOT been low­ered by 5.0 per cent ini­tial­ly;

* VAT has NOT been re­moved on 7,000 ba­sic food items, as ac­cord­ing to Le­gal No­tice 380 of 2025, VAT was re­moved on ta­ble salt, co­coa pow­der, mau­by, ic­ing sug­ar, grape­fruit juice, vanil­la essence, soy sauce, pre­pared mus­tard, gua­va jams and jel­lies and fruit, nuts and oth­er ed­i­ble parts of plants...;

* The 7.0 per cent on­line tax has NOT been re­moved; and

* The re­moval of the tax on pri­vate pen­sions is still await­ing the pas­sage of the Fi­nance Bill 2026.

But I di­gress.

Last week’s piece in­di­cat­ed that a TTNGL share­hold­er who owned 20,000 TTNGL shares on Jan­u­ary 1, 2026, would have ex­pe­ri­enced cap­i­tal ap­pre­ci­a­tion of $170,400 (not in­clud­ing fees) by Tues­day, April 28, as the com­pa­ny’s share price sky­rock­et­ed from $2.64 to $8.52 a share. That share­hold­er was al­so promised a div­i­dend pay­ment of $20,000 on May 13, as TTNGL agreed to pay a $ 1-per-share spe­cial in­ter­im div­i­dend on that date.

Sev­er­al things have hap­pened since last week Tues­day that may give TTNGL share­hold­ers pause:

1) The TTNGL share price has in­creased by an ad­di­tion­al 28.87 per cent, mov­ing to $10.98 at the close of trad­ing on May 5 from $8.52 a week ear­li­er.

That means the val­ue of the 20,000 TTNGL shares was $219,600 (not in­clud­ing fees) on Tues­day, an in­crease of 346.34 per cent in four months and five days. The val­ue of the in­vestor’s 20,000 TTNGL shares is a PA­PER gain, which would not be­come an AC­TU­AL gain un­til the shares are sold. Re­mem­ber the share­hold­er start­ed 2026 with an in­vest­ment worth $52,800 and that in­vest­ment is now worth $219,600, which is an in­crease in val­ue of more than four times.

2) On April 30, 2026 (last Thurs­day), the board of TTNGL ad­vised of a de­lay in the pub­li­ca­tion of the com­pa­ny’s unau­dit­ed in­ter­im fi­nan­cial state­ments for the three months end­ed March 31, 2026.

“This is due to on­go­ing au­dit work re­lat­ed to the fi­nan­cial state­ments for the year end­ed De­cem­ber 31, 2025, at TTNGL’s un­der­ly­ing as­sets, Phoenix Park Gas Proces­sors Ltd,” said the com­pa­ny.

“TTNGL apol­o­gis­es for the de­lay and an­tic­i­pates pub­li­ca­tion of its unau­dit­ed in­ter­im fi­nan­cial state­ment for the three months end­ed March 31, 2026, by June 30, 2026,” it stat­ed.

3) Then, on May 1, last Fri­day, the board of TTNGL ad­vised that the spe­cial in­ter­im div­i­dend of $1 per share to share­hold­ers that was sched­uled to be paid on May 13 had been de­ferred to May 29.

“This de­fer­ral is nec­es­sary to al­low share­hold­ers suf­fi­cient time to se­lect their pre­ferred cur­ren­cy op­tion for div­i­dend pay­ments and en­sure that the com­pa­ny has a ro­bust and cost-ef­fec­tive mech­a­nism in place to fa­cil­i­tate these pay­ments,” said the com­pa­ny.

Share­hold­ers of the com­pa­ny were al­so ad­vised to note that the dead­line for the div­i­dend man­date forms is May 15.

4) Al­so on May 1, TTNGL ad­vised that, for all fu­ture div­i­dend dis­tri­b­u­tions, “the board of di­rec­tors in­tends to pro­vide share­hold­ers with the op­tion to re­ceive div­i­dend pay­ments in ei­ther TT dol­lars or US dol­lars, sub­ject to ap­plic­a­ble reg­u­la­to­ry re­quire­ments.”

The com­pa­ny said a div­i­dend cur­ren­cy man­date form would be mailed to all share­hold­ers for com­ple­tion and sub­mis­sion to their bro­kers. TTNGL al­so in­di­cat­ed that its share­hold­ers were en­cour­aged to com­plete and re­turn the form, out­lin­ing their pre­ferred cur­ren­cy op­tion, at their ear­li­est con­ve­nience, to fa­cil­i­tate the time­ly pro­cess­ing of div­i­dend pay­ments.

Now, it seems to me that there is a dis­con­nect be­tween TTNGL’s April 30 no­tice (num­ber 2 here) and one of the two no­tices dat­ed May 1 (num­ber 3).

In the April 30 no­tice, the com­pa­ny ad­vised of a de­lay in the pub­li­ca­tion of the com­pa­ny’s unau­dit­ed, in­ter­im fi­nan­cial re­sults for the three months end­ed March 31. The de­lay, ac­cord­ing to the com­pa­ny, “is due to on­go­ing au­dit work re­lat­ed to the fi­nan­cial state­ments for the year end­ed De­cem­ber 31, 2025, at TTNGL’s un­der­ly­ing as­sets, Phoenix Park Gas Proces­sors Ltd.”

The com­pa­ny said it “an­tic­i­pates pub­li­ca­tion of its unau­dit­ed in­ter­im fi­nan­cial state­ment for the three months end­ed March 31, 2026, by June 30, 2026.”

But in 3, TTNGL ad­vised that the pay­ment of the spe­cial, in­ter­im div­i­dend had been de­ferred to May 29 be­cause it wants to give share­hold­ers time to com­plete their div­i­dend cur­ren­cy man­date forms.

Ques­tions:

a) Is there a link be­tween the “de­fer­ral” to May 29 of the spe­cial, in­ter­im div­i­dend pay­ment of $1 per share, and the “de­lay” in the com­ple­tion of the au­dit work re­lat­ed to fi­nan­cial state­ments for the year end­ed De­cem­ber 31, 2025, at TTNGL’s un­der­ly­ing as­sets, Phoenix Park Gas Proces­sors Ltd?”

b) In oth­er words, if the pub­li­ca­tion of the first quar­ter re­sults, to the end of March 2026, is fur­ther de­layed from its an­tic­i­pat­ed pub­li­ca­tion by June 30, 2026, will the spe­cial, in­ter­im div­i­dend al­so be pushed back again?

c) Or will the TTNGL board go ahead and pay the div­i­dend by May 29, with­out ei­ther the au­dit­ed fi­nan­cials for the fi­nan­cial year end­ing De­cem­ber 31, 2025, or the in­ter­im unau­dit­ed re­sults for the pe­ri­od end­ed March 31, 2026?

d) While the op­tion of re­ceiv­ing TTNGL div­i­dends in US dol­lars is a wor­thy un­der­tak­ing for res­i­dents of a coun­try in which US dol­lars have been in short sup­ply for years, has TTNGL pro­vid­ed any in­for­ma­tion on what the com­pa­ny’s fu­ture div­i­dend pay­ments are like­ly to be?

These are by no means triv­ial ques­tions be­cause TTNGL’s last unau­dit­ed re­sults were for the quar­ter end­ed Sep­tem­ber 30, 2025, and the last au­dit of the com­pa­ny’s fi­nan­cials was pub­lished in its 2024 an­nu­al re­port on April 29, 2025.

Al­though the is­sue of the im­pair­ments as a re­sult of the de­cline in the val­u­a­tion of TTNGL’s prin­ci­pal as­set, PPG­PL, has been tak­en off the ta­ble by the re­duc­tion in TTNGL’s stat­ed cap­i­tal at the an­nu­al meet­ing in March, the com­pa­ny’s new au­di­tors still have to as­sess PPG­PL’s es­ti­mat­ed nat­ur­al gas sup­ply vol­umes and fore­casts of en­er­gy prices be­fore they can sign off on the in­vest­ment hold­ing com­pa­ny’s ac­counts. This au­dit work can re­sult in se­ri­ous dis­agree­ments be­tween the au­di­tors and the com­pa­ny, lead­ing to months of de­lay in the pub­li­ca­tion of the 2025 au­dit­ed fi­nan­cials or an­nu­al re­port.

The de­lay in the pub­li­ca­tion of in­ter­im, quar­ter­ly fi­nan­cials for the pe­ri­od end­ed March 31, means most of the in­vestors who have bid up the price of TTNGL to $10.98 as of Tues­day are do­ing so based on an ab­sence of re­cent fi­nan­cial in­for­ma­tion about the com­pa­ny.

One hopes that when that fi­nan­cial in­for­ma­tion is fi­nal­ly pub­lished, it does not dis­ap­point the TTNGL share­hold­ers who are now en­joy­ing great pa­per gains.

Dis­clo­sure: The au­thor of this com­men­tary owns 100 TTNGL shares