Trinidad Cement Limited (TCL) has advised that Mr. Wayne Yip Choy has resigned as a Director effective February 9, 2017. TCL further advised that Sierra Trading (‘Sierra’), an indirect subsidiary of Cemex, S.A.B. de C.V. (‘CEMEX’) (NYSE: CX), announced that its Offer and Take-Over Bid dated December 5th, 2016, (as amended on January 9th, 2017) (the “Offer”) was closed in Jamaica at 2.00 p.m. on Tuesday, February 7, 2017. At the time of closing, the number of TCL Shares tendered in Jamaica in response to the Offer was 4,116,516. Sierra will accept and pay for all TCL Shares validly tendered. The Offer closed in Trinidad and Tobago on January 24, 2017 and in Barbados on February 8, 2017. The number of TCL Shares tendered and accepted in those countries was as follows:
(a) Trinidad & Tobago =109,402,694
(b) Barbados = 111,513
The total number of TCL Shares tendered and accepted in response to the Offer is therefore 113,630,723 which, together with Sierra’s pre-existing shareholding in TCL (147,994,188), represent approximately 69.83% of the outstanding TCL shares. Based on the current tally, the total consideration to be paid by Sierra for the TCL shares taken up pursuant to the Offer will be approximately US$83.6 million. Payment in respect of TCL shares taken up by Sierra is expected to be made in Jamaica on or before February 21st, 2017 at the rate of TT$5.07 or US$0.76 or the Jamaican currency equivalent of TT$5.07, depending on the currency option selected by TCL shareholders in Jamaica.