24 Oct 2017 07:00
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.
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