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Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

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Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby stikid09 » February 18th, 2018, 12:46 pm

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IT took two powerful Trinidadian business families, the buying and selling of millions of shares, the amalgamation of several companies and a secret lock-up agreement to give one man—Jamaican billionaire Michael Lee-Chin—a path to control of the publicly traded, Guardian Holdings Ltd (GHL).

Investigations by the Sunday Express reveal a series of transactions by the Lok Jack and Ahamad families from November 30, 2015, which culminated in the sale of a 29.99 per cent shareholding position in GHL to Lee-Chin on May 12, 2016 and the subsequent takeover bid in December 2017.

Source: http://www.trinidadexpress.com/20180217 ... rinidadian

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby bluefete » February 18th, 2018, 6:56 pm

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.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby The_Honourable » February 18th, 2018, 11:29 pm

That was some real slick sheeet that went on there with Lok Jack, Ahamad and Lee-Chin... but it's not illegal (I stand corrected). Don't think it was even loopholes. They just stayed within the confines of legality and took their time to figure it out.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby zoom rader » February 19th, 2018, 2:36 am

Lok sack was always a scamp, he's part of the PNM

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby Redman » February 19th, 2018, 3:22 am

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.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby zoom rader » February 19th, 2018, 3:30 am

Redman 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.
Nope it's called keeping certain ppl out of wealth

Our stock market is fixed and corrupted

It's Designed for 1%

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby VexXx Dogg » February 19th, 2018, 9:11 am

well gaddamn

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby Miktay » February 19th, 2018, 12:19 pm

Cant read the entire articel but for those keeping score at home u may recall another share buyup a few years ago... :wink:

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.

http://www.trinidadexpress.com/business ... 33891.html

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby airuma » February 19th, 2018, 12:45 pm

zoom rader wrote:
Redman 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.
Nope it's called keeping certain ppl out of wealth

Our stock market is fixed and corrupted

It's Designed for 1%

Am..... if they are the one's with the money.... there is no need to design anything special

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby Redman » February 19th, 2018, 1:09 pm

The Jamaican Financial services sector has matured faster than ours-and has had domestic investment markets that are years head of us...
They have been trying to get foot holds in this market.

This is the natural extension....and the reality is that they had the ability to step up and purchase the blocks of GHL....and they will expect to benefit from appreciation in price.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby 88sins » February 20th, 2018, 9:23 am

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.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby zoom rader » February 20th, 2018, 9:26 am

88sins 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.
This sounds like insider dealings while lesser holders was kept out of the loop

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby DVSTT » February 20th, 2018, 9:55 am

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



http://www.guardian.co.tt/business/2018 ... er-bid-ghl

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby 88sins » February 20th, 2018, 12:33 pm

zoom rader wrote:
88sins 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.
This sounds like insider dealings while lesser holders was kept out of the loop

shhhh not so loud.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » November 16th, 2018, 3:03 pm

The 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.
https://www.stockex.co.tt//read.php?ContentID=13260

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby Redman » November 16th, 2018, 4:43 pm

That's the best piece of real estate in the market right now

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby pugboy » November 16th, 2018, 4:46 pm

So called master entrepreneur lol jack
Must be so glad he could dump his shares now

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby rspann » November 16th, 2018, 5:14 pm

Gang legislation not working on them at all.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby NR8 » November 18th, 2018, 2:16 pm

snatman wrote:
The 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.
https://www.stockex.co.tt//read.php?ContentID=13260

What went on dey? Looks like site down.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » November 19th, 2018, 10:48 am

NR8 wrote:
snatman wrote:
The 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.
https://www.stockex.co.tt//read.php?ContentID=13260

What went on dey? Looks like site down.
Its linked here: https://www.stockex.co.tt//controller.p ... n=newsroom

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » November 19th, 2018, 10:53 am

Redman wrote:That's the best piece of real estate in the market right now

What is? NCB or GHL?
I'm all in on NCBFG right now. But I believe RFHL is poised to double or more in 5 years time

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby Redman » November 19th, 2018, 3:52 pm

GHL.

Chin Lee eh buy to leave the the stock price in the 20s

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » November 19th, 2018, 5:52 pm

Redman wrote:GHL.

Chin Lee eh buy to leave the the stock price in the 20s


Lee Chin could easily cut GHL's payout ratio in half, in line with typical Jamaican dividends. This would drive GHL price down, thus enabling him to offer an even cheaper takeover price later on down the line.

I won't be surprised if he buys the shares of the conniving duo of Lok Jack and Ahmed on the open market!

How the hell is Lok Jack still GHL chairman after all this bacchanal???

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby DVSTT » November 20th, 2018, 1:49 pm

On a side note, what's up with Sagicor?

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » November 20th, 2018, 2:44 pm

DVSTT wrote:On a side note, what's up with Sagicor?

Barbados bond default hitting them hard. $6 likely

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby Ben_spanna » November 21st, 2018, 9:10 am

any of you that complaining are actually affected by this? how many of you have shares and are genuinely concerned???

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » November 21st, 2018, 10:37 am

Ben_spanna wrote:any of you that complaining are actually affected by this? how many of you have shares and are genuinely concerned???

Well, its not just shareholders that need to be wary. The hundreds of thousands of caribbean policyholders in Guardian's many insurance companies should pay close attention to this.

NCBFG is basically a one man show, majority owned by Jamaican-born Michael Lee Chin. In our lifetime we've seen another one-man mega insurance conglomerate collapse.

Lee Chin's desire is to list NCBFG on the New York Stock exchange. He tried a couple years ago and failed spectacularly. His current expansion push is aimed squarely at increasing capitalization for the sole purpose of a successful U.S. stock listing.

Pension and insurance policy holders may not figure much in his calculations.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » December 19th, 2018, 9:34 am

NCBFG will pay U.S.2.79 per GHL share, for up to 62% of outstanding stock.

13415.jpg

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby bluefete » December 19th, 2018, 11:13 am

So the Lok Jack and Ahamad families will lend NCBFG US$45 million (partial financing), to take them over.

Well yes.

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Re: Jamaican links up with 2 Trinis to gain control of Guardian Holdings*

Postby snatman » December 19th, 2018, 11:19 am

himself sold himself!

what an incestuous state of affairs. Where Peter Permell?

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