Permell not surprised by performance

Chairman of the Clico Policyholders Group (CPG), Peter Permell is not surprised by the performance of the CLICO Investment Fund (CIF) on its first day of trading on the T&T Stock Exchange (TTSE) yesterday.

The stock declined by $0.10 to end the day at $24.90. Commenting on its performance, Permell said trading went smoothly, “as was expected.” “Because its a new security, people are adopting a wait and see approach both by the sellers and the buyers.”

“The first distribution is going to take place on February 1. Therefore what you would have find is that most people are going to want to ensure that they get that payment.” Permell predicted that not too many people will offer their units.

“You will get a better picture after that distribution is paid and at the same time you are also going to have Republic Bank Ltd (RBL) half year results which are going to be out by the end of April. You will have people waiting to see how RBL performs in the next half year. You are going to have people who are going to sell for what ever their own personal circumstances.” Permell said some investors may be treating their investment in CLF as a fixed deposit.