Minority shareholder queries Cemex non payments

He said he is demanding that Cemex, TCL and/or the T&T Stock Exchange explain the delay.

According to Permell, Cemex gave a clear undertaking and commitment to pay shareholders who took up its offer on or before February 3, 2017 but more than a week later none of the shareholders had been paid nor had they received an explanation for the delay. Permell said in a statement that “this cannot be in keeping with the highest standards of professionalism and/ or good business etiquette,” adding that it was “totally unsatisfactory and unacceptable.” He said this situation could not have happened in the U.S or some other first world country.

In a statement, Cemex announced that its indirect subsidiary, Sierra Trading had received 114,313,299 TCL shares in response to its offer and that this together with the shares already owned by Sierra Trading brought the company’s shareholding in TCL to about 70.01 percent of TCL’s outstanding shares.

The company said that it would have to pay about US$86,878,107.24 for the shares deposited in response to the takeover bid. And in a letter dated December 5, 2016 to the Trinidad and Tobago Securities and Exchange Commission and the Trinidad and Tobago Central Depository Limited, Cemex stated that it had made adequate arrangements before making the takeover bid to ensure that the required funds are available to make full payment for all the shares offered. The letter said “when the offer becomes unconditional or conditions are waived by Sierra in accordance with the offer document, Cemex will cause the necessary funds to be remitted to Sierra’s account at Citibank Trinidad and Tobago Limited to enable it to make full payment to all TCL shareholders for such number of shares as have been accepted.”