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bluefete wrote:That is one hell of a story in the Express.
Real big people names calling including some at RBC.
It shoows you how the 1% goes about enriching themselves at the expense of the poorer (minority) shareholders.
Nope it's called keeping certain ppl out of wealthRedman wrote:bluefete wrote:That is one hell of a story in the Express.
Real big people names calling including some at RBC.
It shoows you how the 1% goes about enriching themselves at the expense of the poorer (minority) shareholders.
How else should the 2 largest share holders liquidate their position...sell them on the open market...and push the price down?
Only one reason for Chin Lee to buy the stock....its to push it higher.
On March 24, First Citizens announced that it had fired its former chief risk officer Philip Rahaman.
The bank said he was dismissed because it had lost confidence in his ability to carry out his duties.
Rahaman’s dismissal had come on the heels of the publication of the bank’s annual report, which showed he owned 659,588 shares in the state financial institutions.
Rahaman’s application alone had accounted for 17.4 per cent of the shares allocated to the employees. This triggered an investigation commissioned by Finance Minister Larry Howai because of the position Rahaman held because the purchase and subsequent sale of 634,588 of those shares four months later went against the Ministry’s guidelines about wide share distribution, .
The Government had offered 48,495,665 shares in First Citizens at $22 a share. The IPO was expected to raise $1 billion, but subscriptions amounted to $3.32 billion from 12,435 applications. Rahaman had spent $14.5 million to acquire the First Citizens shares.
He sold 634,588 of his block of shares on January 14, which should have netted a profit of over $12 million inclusive of $718,950.92 in dividends from the initial purchase of shares, which would have pushed his total profit on the transaction close to $13 million. The transaction was allegedly brokered by Bourse Securities.
The shares were sold to his cousin Imtiaz Ahmad (the chairman of Bourse Securities), his aunt Alia and five companies owned by the Rahaman family.
The sale never trigged an alert in the TTSE because he was registered as a bank employee Philip Rahaman, but the transaction was conducted under his full legal name, Hassan Philip Rahaman.
zoom rader wrote:Nope it's called keeping certain ppl out of wealthRedman wrote:bluefete wrote:That is one hell of a story in the Express.
Real big people names calling including some at RBC.
It shoows you how the 1% goes about enriching themselves at the expense of the poorer (minority) shareholders.
How else should the 2 largest share holders liquidate their position...sell them on the open market...and push the price down?
Only one reason for Chin Lee to buy the stock....its to push it higher.
Our stock market is fixed and corrupted
It's Designed for 1%
This sounds like insider dealings while lesser holders was kept out of the loop88sins wrote:Stock holders took a real substantial lash recently because of the events that lead up to this. I just watching & waiting to see what happens next.
Minority shareholder activist Peter Permell has raised concerns about some of the conditions of the sale of shares from Guardian Holdings Ltd (GHL) to Jamaica-based NCB Financial Group.
He said the offer that was made was for US$2.35 per share which works out to be around TT $15.60 but that this significantly undervalued the worth of GHL shares.
“In the document there was no mention of a TT dollar price, it just quoted a US dollar price. More than that the valuation that was presented in the offer document spoke to a price of $16.99 and which is significantly higher than the $15.60 offer price.”
Permell spoke to the media yesterday outside of the T&T Securities and Exchange (SEC) Building, Dundonald Street, Port-of-Spain.
He was accompanied by GHL minority sharholders Emile Elias, Winston Padmore and Gordon Laughlin who met with SEC CEO Hayden Gittens to raise their concerns about the GHL takeover bid.
He said that it is “strange” in light of the fact that if someone is making an offer one would think that that they would present something more commensurate with their own valuation that had been conducted.
“We have raised several concerns with the SEC that something is obviously amiss with this particular offer. There is an agreement that was signed in 2015 in which the Lok Jack and Ahamad families agreed to sell 51 percent majority share holdings that they owned to the NCBJ Group. At that time they only sold 29.99 percent which was disclosed to the market….what we did not know and to date they have not disclosed is that formally they have agreed to sell an additional 21 percent of the shareholding to the NCBJ Group, which would give them effective control of Guardian Holdings.”
Jamaica's largest and most profitable financial services group, NCB Financial Group Limited announced last December its intention to acquire a majority stake in local insurance giant Guardian Holdings Limited (GHL).
NCBJ made an offer to acquire up to 62 per cent of the outstanding shareholding of Guardian Holdings.
According to Permell, the Lok Jack and Ahamad families had sold their shares for $21 in the first transaction with NCBJ and that has not been disclosed.
"That was private up until now because once an offer was made to acquire the other shares of the other shareholders then that is material information that should be disclosed. That is an issue we raised with the SEC. One of the rules of the Stock Exchange has if you make an offer or trigger the take over code let us say at the 30 percent, within three months if you make an offer, you are required to pay the other shareholders the other price that you paid for that 30 percent block. It appears that they tried to circumvent a lot of the rules surrounding the take over code by acquiring 29.99 per cent which is .01 per cent less than the 30 percent take over code and coming two years after to now make an offer to everybody.”
Business
zoom rader wrote:This sounds like insider dealings while lesser holders was kept out of the loop88sins wrote:Stock holders took a real substantial lash recently because of the events that lead up to this. I just watching & waiting to see what happens next.
https://www.stockex.co.tt//read.php?ContentID=13260The way is now cleared for NCB Financial Group to go after nearly 52 percent of Guardian Holdings shares at US$2.65 each, a release from the Trinidad and Tobago Financial Services Commission states.
snatman wrote:https://www.stockex.co.tt//read.php?ContentID=13260The way is now cleared for NCB Financial Group to go after nearly 52 percent of Guardian Holdings shares at US$2.65 each, a release from the Trinidad and Tobago Financial Services Commission states.
Its linked here: https://www.stockex.co.tt//controller.p ... n=newsroomNR8 wrote:snatman wrote:https://www.stockex.co.tt//read.php?ContentID=13260The way is now cleared for NCB Financial Group to go after nearly 52 percent of Guardian Holdings shares at US$2.65 each, a release from the Trinidad and Tobago Financial Services Commission states.
What went on dey? Looks like site down.
Redman wrote:That's the best piece of real estate in the market right now
Redman wrote:GHL.
Chin Lee eh buy to leave the the stock price in the 20s
DVSTT wrote:On a side note, what's up with Sagicor?
Ben_spanna wrote:any of you that complaining are actually affected by this? how many of you have shares and are genuinely concerned???
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