Re­pub­lic Fi­nan­cial Hold­ings Ltd (RFHL) says it is one step clos­er to com­plet­ing the buy­out of the re­main­ing shares of Cay­man Na­tion­al Cor­po­ra­tion (CNC) af­ter se­cur­ing the min­i­mum thresh­old of ac­cep­tance to ad­vance the trans­ac­tion.

In a news re­lease yes­ter­day, RFHL said, “On May 30, 2025, RFHL through its whol­ly owned sub­sidiary Re­pub­lic Bank TT (Bar­ba­dos), made a cash of­fer for a min­i­mum of 13,035 to a max­i­mum of 10,596,483 or­di­nary shares, rep­re­sent­ing 0.03 per­cent to 25.02 per cent of the en­tire is­sued or­di­nary share cap­i­tal of CNC at an of­fer price of US$7.75 cash per share.”

The re­lease con­tin­ued, “The of­fer was con­di­tion­al on the of­fer­or re­ceiv­ing ac­cep­tances for at least 13,035 or­di­nary shares in CNC. The of­fer­or is pleased to an­nounce that it has now ex­ceed­ed the min­i­mum thresh­old of ac­cep­tances, achiev­ing ac­cep­tances of 39,300 or­di­nary shares, rep­re­sent­ing ap­prox­i­mate­ly 0.09 per cent of CNC’s is­sued share cap­i­tal. As a re­sult, the of­fer is now un­con­di­tion­al as to ac­cep­tances.”

Re­pub­lic ex­plained, “Share­hold­ers who have ac­cept­ed the of­fer re­sult­ing in achiev­ing the min­i­mum thresh­old have al­so sat­is­fied the sec­ond con­di­tion of the Of­fer, that is, ap­point­ing RFHL as their proxy to vote in favour of the delist­ing res­o­lu­tion (as de­fined in the of­fer cir­cu­lar) to be pre­sent­ed and vot­ed up­on at an ex­tra­or­di­nary gen­er­al meet­ing of CNC.”

Re­pub­lic said fol­low­ing this de­vel­op­ment the on­ly out­stand­ing con­di­tion to com­plete the deal “is the ap­proval, at an ex­tra­or­di­nary gen­er­al meet­ing of CNC, of a res­o­lu­tion by share­hold­ers hold­ing at least 75 per cent of CNC’s or­di­nary shares.

The res­o­lu­tion will au­tho­rise the delist­ing of CNC from the Cay­man Is­lands Stock Ex­change, con­di­tion­al up­on, and ef­fec­tive im­me­di­ate­ly fol­low­ing, the clos­ing of the of­fer.”

Re­pub­lic cur­rent­ly holds 31,754,248 or­di­nary shares in CNC, rep­re­sent­ing ap­prox­i­mate­ly 74.98 per cent of CNC’s is­sued share cap­i­tal.

Re­pub­lic’s Cay­man Is­land as­set is the fi­nan­cial hold­ing group’s sec­ond largest gen­er­a­tor of net in­ter­est in­come, be­hind T&T.