Caribbean Investment Holdings Ltd Capital Reorganisation (3926U)
October 24 2017 - 1:00AM
UK Regulatory
TIDMCIHL
RNS Number : 3926U
Caribbean Investment Holdings Ltd
24 October 2017
Caribbean Investment Holdings Limited
This announcement contains inside information
24 October 2017
CARIBBEAN INVESTMENT HOLDINGS LIMITED - CAPITAL
REORGANISATION
Caribbean Investment Holdings Limited (London - AIM: CIHL;
Bermuda - BSX: CIHL) (the Company) today announces a reorganisation
of its share capital. The Company has approximately 805
shareholders with approximately 520 shareholders holding fewer than
1,000 shares each. Shares held by such small shareholders
represent, in aggregate, approximately only 0.25 per cent. of the
99,899,001 shares currently in issue (excluding treasury
shares).
By consolidating its share capital, the Company believes that
certain of the costs inherent in maintaining a shareholder base of
over 800 shareholders will be reduced and an exit will be provided
to small shareholders whose holding will be acquired by the Company
(the Capital Reorganisation). The Board considers that it is in the
best interests of the Company and its shareholders to reorganise
the Company's share capital in such a way as to provide a cash
payment per share, free of regulatory restrictions and dealing
charges, for their entire shareholding to all holders of fewer than
1,000 shares (subject to a de minimis payment threshold of $10.00).
A summary of the expected timetable for the Capital Reorganisation
is set out below (a more detailed timetable will be set out in the
circular which will be sent to shareholders later today):
- Shareholders who hold their shares at 4.30 p.m. (Bermuda Time)
on 27 October 2017 will be shareholders of record for the purpose
of the Capital Reorganisation
- Trading will be suspended in relation to the Company's
securities on AIM and the BSX after market close on the respective
exchanges on 27 October 2017
- The Capital Reorganisation is expected to complete on 30
October 2017
- The results of the Capital Reorganisation are expected to be
announced at 7.00 a.m. (UK time) on 31 October 2017, with trading
resuming that day at 8.00 a.m. (UK time) on AIM and trading on the
BSX resuming that day at 9.00 a.m. (Bermuda time)
- Cheques in respect of fractional entitlements purchased by the
Company and share certificates in respect of the New Ordinary
Shares will be dispatched on or before 10 November 2017
A circular explaining the Capital Reorganisation in more detail
will be posted to shareholders today and will be published on the
Company's website shortly. The Capital Reorganisation will not be
directly applicable to holders of depositary interests representing
shares in the Company. A separate letter will be posted by Capita
IRG Trustees Limited to such holders of depositary interests
representing shares in the Company today explaining the effects of
the Capital Reorganisation on such holders of depositary interests
in more detail.
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)20 7248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)20 7397 8920
Note: This and other press releases are available at the
Company's web site: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited (CIHL) is a parent holding
company with no independent business operations or assets other
than its investments in its subsidiaries, intercompany balances and
holdings of cash and cash equivalents. CIHL's businesses are
conducted through its subsidiaries. The Belize Bank Limited (BBL)
is incorporated and based in Belize and focuses on the provision of
financial services and lending to domestic clients. Belize Bank
International Limited is incorporated and based in Belize and
focuses on the provision of financial services and lending to
international clients. CIHL also owns an international corporate
services business based in Belize, which operates as Belize
Corporate Services Limited. Within Belize, BBL is the largest, full
service commercial and retail banking operation with a head office
in Belize City and eleven branches extended into each of the six
districts of Belize. The principal operations of BBL are commercial
lending, consumer lending, deposit taking and related banking
activities.
This announcement was released by Philip Osborne, Director, on
behalf of Caribbean Investment Holdings Limited.
- END -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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