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FCB IPO

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SmokeyGTi
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Re: FCB IPO

Postby SmokeyGTi » July 5th, 2014, 2:07 pm

Could have come from the under subscribed employees allocation...although I'm not too sure. Yeh boy country bookie. Still doh believe that employees so gullible.

Having ownership would give employees a say in how the business is governed...but I guess that creates a Problem for unions, would have to fight their own membership..

Not only that, membership having direct control over the bank via votes would diminish the union's own power.

Basically the union eh care one fart about workers rights, they only care about their own existence..

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Re: FCB IPO

Postby PariaMan » July 5th, 2014, 7:02 pm

The excess from the employee bucket should have gone to the public bucket instead of to FCB insiders who used there position to make there family and friends rich. That is truly unethical

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Re: FCB IPO

Postby snatman » March 1st, 2017, 12:47 pm

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Re: FCB IPO

Postby PapaC » March 2nd, 2017, 8:47 am

Will this go through like the initial public offering or is this just more shares for sale on the open market?

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Re: FCB IPO

Postby Redman » March 2nd, 2017, 9:43 am

I would think that there should be a public offering event...48m shares is a chunk and is dilutive...I would like to see how they do it.

To come to market and push the price down would be wrong wouldn't it?

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Re: FCB IPO

Postby PariaMan » March 2nd, 2017, 4:08 pm

Guessing it would either be a public offering or a rights issue where current share holders get to buy. My bet is on an ipo which would allow for widest participation. It would probably be at a slight discount

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Re: FCB IPO

Postby Redman » March 2nd, 2017, 4:23 pm

Well can it be an IPO -the Initial Pub off went already-isn't it a Secondary?

and FC Holdings -as an entity could sell on the open market-if it holds the stock as a separate corporate entity...Im fuzzy if that can be treasury stock and therefore whether or not this 48M is already accounted for in the 'public' float or whether its new to market -meaning additional supply coming onto the market.

If it is a separate co-they can cross the stock-in the same way Rahaman crossed to Rahaman when it went down.
FCH crosses to X Institution,Y Inst and Z Inst.....moving the 48 without adding selling pressure-maybe with a lock up period.

If its treasury stock I THINK they would be obligated to offer to public and put selling pressure by way of additional supply.

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snatman
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Re: FCB IPO

Postby snatman » March 3rd, 2017, 8:50 am

It could possibly be a rights issue, where existing shareholders have first rights to buy the additional shares AND bid for additional shares.

The public would only have the opportunity to buy shares if existing shareholders decline the rights.

To generate demand, rights issue shares are typically sold at a slightly lower price than retail.

So we may be looking at a $30/31 offer

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Re: FCB IPO

Postby desifemlove » March 9th, 2017, 2:27 am

there should be a limit per citizen. if not then those connected (legal or otherwise...) will get them. Maybe 100 shares per person, or something like that.

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PariaMan
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Re: FCB IPO

Postby PariaMan » March 9th, 2017, 7:01 am

Coming out on Monday. Available for 2 weeks. There will be a discount on the market price. Will be available to the public as an APO

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Re: FCB IPO

Postby neilsingh100 » March 9th, 2017, 9:34 pm

PariaMan wrote:Coming out on Monday. Available for 2 weeks. There will be a discount on the market price. Will be available to the public as an APO

What is your source? What is an APO?

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Re: FCB IPO

Postby PariaMan » March 9th, 2017, 9:42 pm

Additional public offering. Similar to IPO however not initial. That's what my sources say .

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Re: FCB IPO

Postby PariaMan » March 10th, 2017, 1:37 pm

Its official

FIRST Additional Public Offering Opens Monday March 13, 2017

Mar 10, 2017

Offer Open: Monday 13th March, 2017 at 9.00 a.m.
Offer Close: Friday 24th March 2017 at 4.00 p.m.

Addtional information will follow on Monday March 13, 2017

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Re: FCB IPO

Postby neilsingh100 » March 10th, 2017, 7:33 pm

APO at $32/share does seem so attractive was hoping $30/share

First Citizens Launches APO
Announcement

First Citizens will launch an Additional Public Offering (APO) of shares on March 13th 2017
This follows an announcement of Government of the Republic of Trinidad and Tobago during its fiscal presentation 2015/2016 at which the Government signalled its intention to sell an additional 25% of its shares held in First Citizens Holdings Ltd.
48,495,665 shares on offer at TTD $32.00 per share.
Company Description


The First Citizens Group is one of the leading financial services group in Trinidad and Tobago. It offers a full range of retail, corporate and merchant banking services as well as asset management, trustee and brokerage services. The Group is headquartered in Trinidad and Tobago and First Citizens Bank, which is the largest part of the Group, has an extensive retail branch network in Trinidad and Tobago with a large deployment of ATM and point of sale devices in both islands.


Company History

In 2009 First Citizens acquired Caribbean Money Market Brokers Limited (CMMB) (now rebranded as First Citizens Investment Services Limited), one of the largest full service securities trading companies in the Caribbean, with offices in Trinidad & Tobago, Barbados, St. Vincent and the Grenadines and St. Lucia.
In January 2012, the Group entered the Central American market by opening a representative office in Costa Rica.
The Group’s growth and expansion continued in August 2012 with the acquisition of Butterfield Bank (Barbados) Limited (now First Citizens Bank (Barbados) Limited).
Over the years, the Group has introduced several innovative products and services in Trinidad and Tobago, including internet banking and mobile banking. It has also been recognised on several occasions for excellence in innovation, communications technology and e-commerce by the Energy Chamber of Trinidad and Tobago.
Additionally, First Citizens has been involved in financing several landmark projects in Trinidad and Tobago and across the region.
On 15 July 2013, First Citizens launched the largest Initial Public Offering (IPO) of shares in the history of The Trinidad and Tobago Stock Exchange Limited (TTSE) to that date. The market value of the First Citizens IPO was approximately $1.1 billion at an offer price of $22.00 per share.

Source: https://www.firstcitizenstt.com/about/n ... s-APO.html

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Re: FCB IPO

Postby shaneelal » April 28th, 2017, 6:45 am

Trinidad Guardian 28.4.2017

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snatman
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Re: FCB IPO

Postby snatman » April 28th, 2017, 10:52 am

not unexpected

SIlly to price this par to retail. Maybe even stupid.

$28/30 should have been the APO price.

and/Or

A rights issue where existing holders would have had the option to buy at a discount


aside- I'm loading up on SFC right now.

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Re: FCB IPO

Postby mitsutt » April 28th, 2017, 8:46 pm

snatman wrote:not unexpected

SIlly to price this par to retail. Maybe even stupid.

$28/30 should have been the APO price.

and/Or

A rights issue where existing holders would have had the option to buy at a discount


aside- I'm loading up on SFC right now.


Well said and yes buy SFC now . I am also

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Re: FCB IPO

Postby PariaMan » April 29th, 2017, 5:59 am

Hope lessons learnt for upcoming NGL (Phoenix park) APO.

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Re: FCB IPO

Postby Redman » April 29th, 2017, 7:35 am

When there is collusion between a senior officer of the bank,and board members and owners of a broker dealer to manipulate the rules of the IPO.and there is no resolution .....confidence is the victim

The system is built on confidence.
FCB,TTSE need to conclude the Rahaman matter.
That was market manipulation.

They need to do things different

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Re: FCB IPO

Postby neilsingh100 » April 29th, 2017, 7:59 am

The APO was priced wrong, should have been at most $30. Seeing most of the APO shares were purchased by institutional investors who buy and hold the failure of the APO might not cause the share price to go down significantly. I already see there is an order for 250,000 shares so might be the bank trying to backstop the decline when it starts trading.

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Re: FCB IPO

Postby RASC » April 29th, 2017, 8:59 am

Redman wrote:When there is collusion between a senior officer of the bank,and board members and owners of a broker dealer to manipulate the rules of the IPO.and there is no resolution .....confidence is the victim

The system is built on confidence.
FCB,TTSE need to conclude the Rahaman matter.
That was market manipulation.

They need to do things different

This!

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Re: FCB IPO

Postby Redman » April 30th, 2017, 9:06 am

last Mondays express ran an article on some 60M in funds missing from NESC-or something along those lines.


The article stated that the investigators were hired by FCB to run this down.
When they started getting answers,names etc FCB ordered them to stop.


Now ....we are saying that 10M USD went astray, between 2 state organizations one of whom is a BANK ..funds are un recovered....yet the BANK-has instructed their investigators to stop their investigations because 'people will get hurt'
So the investigation is suspended....without resolution,conclusions,restitution, or disclosure-as GOVT enterprises AND AND AND as FCB a publicly traded FINANCIAL INSTITUTION


2 state enterprises means the money is ours.
2 state enterprises means tht thegovt HAS ALL THE CONTROL it needs :ie is this a political issue?
who has replaced this 10M USD into the states coffers?
Which bank employees were negligent or complicit in this (these) transaction(s)
We all know that its statistically impossible for this to be the only theft of public funds.

And its silence from the Media, the Banking Association,FCB,NESC,MIN of Energy,Finance,Education(....(I eh read todays express yet)
WTMC is dis sheeit?????????

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Re: FCB IPO

Postby eliteauto » May 1st, 2017, 5:35 am

While those on the ground quibble over what political party they are aligned with and engage in petty partisanship the upper echelon see dollars, so when an investigation compromises the elites friendship takes precedence. I knew the APO was a failure when the government extended it under the guise of" public servants getting backpay" that was a sign of undersubscription, thus everyone got 100% allotment

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RASC
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Re: FCB IPO

Postby RASC » May 1st, 2017, 6:20 am

Do we have a junior stock exchange in this country? And if we do Why aren't more of our medium sized companies being encouraged to go public?

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Re: FCB IPO

Postby Redman » May 1st, 2017, 6:37 am

Xs capital in the system

Low interest rates,

And a culture of non disclosure of shortcuts,skeletons and bribes,that would either have to stop or be uncovered once under the additional scrutiny.

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snatman
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Re: FCB IPO

Postby snatman » May 1st, 2017, 2:09 pm

Peter Permell says what was obvious to traders
“The shares were trading for around $32 on the stock exchange prior to the APO and there was no significant demand for the shares. If there was no significant interest in purchasing on the stock exchange at $32, why would there be any interest in buying into an APO at $32? People weren’t buying small volumes on the exchange so where would the demand come from to buy such a large number of shares in an APO?”


anyone knows if the APO was underwritten?

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Re: FCB IPO

Postby Miktay » May 1st, 2017, 2:39 pm

RASC wrote:Do we have a junior stock exchange in this country? And if we do Why aren't more of our medium sized companies being encouraged to go public?


Also fear of the loss of control...

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PariaMan
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Re: FCB IPO

Postby PariaMan » May 1st, 2017, 3:01 pm

Ngl coming again hope we get at good discount

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shaneelal
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Re: FCB IPO

Postby shaneelal » February 3rd, 2020, 7:13 am

Seems like a slap on the wrist.



$2.8m penalty
February 02, 2020

Former independent senator Subhas Ramkhelawan and his company, Bourse Securities, have agreed to pay $1.3 million to the T&T Securities and Exchange Commission (SEC) for their role in the First Citizens Initial Public Offering (IPO) scandal.


Ramkhelawan, the then-chairman of the Trinidad and Tobago Stock Exchange (TTSE), and his company, Bourse, the broker for the transaction, were involved in the purchase by dismissed chief risk officer of First Citizens Hassan Philip Rahaman, of 659,588 FIRST shares and the disposal of 634,588 of those shares four months later.

Rahaman agreed to pay $750,000 “without any admission of liability”.

He had purchased 659,588 FIRST shares in August 2013 from the bank’s undersubscribed employee bucket, and then sold 634,588 of those shares to his cousin, Imtiaz Rahaman; his aunt, Alia; and five Rahaman-controlled businesses on January 14, 2014.

Imtiaz Rahaman, who was also the chairman of Bourse Securities at the time of the transaction, was penalised $750,000.

All four actors—Hassan Philip Rahaman, Imtiaz Rahaman, Ramkhelawan and Bourse Securities—will pay a total of $2.8 million.

The settlements were reached six years after the IPO scandal, with notices published in today’s newspapers as part of the settlement agreement.

Phillip Rahaman, who had paid $14.5 million for the shares, sold the 634,588 shares for $26.7 million, making a profit of approximately $12.2 million.

In addition, he had also pocketed $718,950.92 in dividends from the bank in December 2013.

He made $13 million on a four-month investment.

The settlements were all done after the SEC investigated the alleged contravention of Sections 91(1), 91(2) and 94 of the act.

According to one notice, Philip Rahaman (the first respondent) entered into an agreement with the SEC on December 20, 2019.

He agreed to pay $750,000 to the SEC in full and final settlement. The notice states that the Settlement Panel of the SEC approved the settlement.

Another notice said Imtiaz Rahaman, also entered into settlement agreements with the SEC on December 20, 2019, and agreed to pay $750,000 to the SEC.

The third notice indicated Ramkhelawan and Bourse “have accepted without admission of wrongdoing or guilt or liability” to the settlement terms, which include a payment of $1.3 million.

In June 2013, the then-government announced an IPO of 20 per cent of First Citizens comprising 48,495,665 ordinary shares. Of this amount, employees were allocated 15 per cent.

First Citizens employees could have acquired up to a maximum of 5,000 shares at a ten-per cent discount of $19.80 (while the public was sold shares at $22) at a zero-per cent interest loan. However, that pool was undersubscribed at just eight per cent, while the IPO itself was oversubscribed by nine times.

Through his broker, Bourse Securities, Rahaman applied for shares from the undersubscribed employee bucket.

On August 12, 2013, at 2 p.m., the last day of offer, Rahaman submitted his application to Bourse (where his cousin, Imtiaz, was chairman), for the share amount.

According to the PWC audit on the IPO, Rahaman said his source of funds for the share acquisition was a loan from CIBC First Caribbean and from family loans.

In its April 2014 report, PWC said Rahaman borrowed $499,994 from CIBC, $1,499,982 from Caribbean Metal Industries, $4,499,990 from Olympic Manufacturing, $999,988 from Olympic Rentals, $999,988 from Rahamut Service Station and $5,999,994 from Imtiaz Rahaman—a total of $14,499,936.

All of the companies are owned by the Rahaman family, which provided 96.5 per cent of the proceeds for the purchase of the shares in the IPO.

“We noted that Mr Rahaman entered into the loan agreements outlined above with four companies and one individual. However, these one-page agreements were all signed by two individuals, namely, Imtiaz Rahaman and Raffia Rahaman. We also noted that these loans were unsecured,” the PWC report stated.

Rahaman told PWC the money loaned was credited to his account at Bourse on August 13, 2013.

“We noted that $499,994 was withdrawn from this account on 12 August 2013. Mr Rahaman confirmed that this amount was also used towards the purchase of his allocated shares. The aggregate of $13,999,942 and $499,994 withdrawals equalled the $14,499,936 to FCIS by Bourse in the form of two cheques dated August 12, 2013.”

Rahaman told PWC he decided to sell the shares in January 2014 after the initial blackout period of 90 days.

He said it was his desire to reduce the debt incurred to purchase the shares and the time was right to sell, given the price attained in the market at the time, and advised his broker, Bourse, to dispose of the shares.

According to the audit, Rahaman’s sale of 634,588 shares at $41.73 was put into the system on January 13, 2014, but had the “withheld” status—which meant it could not be viewed by other buyers.

On January 14, 2014, the sale was “made firm” by a Bourse representative, which meant there was a matching sale and buying price so the transaction was concluded.

The firms that loaned money to Rahaman—Caribbean Metals Industries Ltd, Olympic Manufacturing Ltd, Imtiaz Rahaman, Rahamut Service Station Ltd, Olympic Rentals Ltd and related parties Cedi Holdings Ltd and Alia Rahaman—bought the block for $42.15 a share.

The Sunday Express had exclusively reported that five companies owned by the Rahaman family, which comprise the Rahamut Group, also bought blocks of FIRST shares:

• Rahamut’s Service Station, with a registered address of 1 Shafik Drive, Cross Crossing, San Fernando, bought 25,904 FIRST shares;

• Olympic Manufacturing Ltd, with the same registered address of 1 Shafik Drive, Cross Crossing, San Fernando, bought 65,000 FIRST shares;

• Caribbean Metal Industries Ltd, of the same address, bought 40,000 FIRST shares;

• Cedi Holdings Ltd, of same address, bought 48,229 FIRST shares;

• Olympic Rentals Ltd, of the same address, bought FIRST 45,455 shares.

On that January 14 morning, the total share acquisition, through seven trades by the Rahaman family and the Rahamut Group in companies with interlocking directorates, was 634,588.

“The orders to sell and buy were made firm” simultaneously on 14.53 on 14 January 2014. There was a matching of the sell and buy order price upon release and the First Citizens shares previously held by Mr Rahaman, were acquired by the parties,” the report stated.

“We noted that there were 8,460 shares available for sale at a price lower than $42.15 on 14 January 2013 prior to 14:52, based on trading records provided by the TTSE,” the PWC report said.

“By entering a price of $41.73 at 16:33 (time) the purchase could not have been affected by any other requests already in the queue on that day as the bid prices in the queue were all lower than $41.73. At 14:52 on 14 January 2014, there were offers for sale and purchase in the queue that exceeded $41.73. The highest share price on the day prior to 14:53 was $42.11.

“By updating the sale and buy share price to $42.15 immediately prior to making it firm the purchase could not have been affected by any other requests in the queue on the day,” the report said.

It noted that a stamp duty of five per cent is usually applicable for sale over the exchange, but no stamp duty applied to this transaction, which would have amounted to $1,333,394.24.

PWC noted that all the individuals/entities who benefited from Rahaman’s sell-off applied for shares during the offer and were either allocated at least some of the shares applied for or rejected.

Rahaman was fired on March 25, 2014, by First Citizens, which said it had lost confidence in its chief risk officer.

On April 9, Ramkhelawan resigned both positions as the IPO scandal unfolded.

He said that as the most senior of the independent senators, he did not want his senatorial position to become enmeshed in any legal action which he might have to take on behalf of himself or his company.

And while he maintained the offices were not compromised during his stewardship, he insisted the integrity of the offices should not be enmeshed in his private matters.

In April 2014, PWC said the purchase of 659,588 shares by Rahaman during the company’s IPO in 2013 and the subsequent sale of 634,588 of them in 2014 “raise a suspicion that the dominant purpose of the transaction outlined herein may have been to provide a benefit” to related individuals and entities.

PWC noted the sale of the share block at $42.15 would have been $26,747,884 when Rahaman only paid $13,950,338, therefore netting a profit of $12,797,546.

“Since Bourse executed both the sale and purchase orders for the sale of the shares previously held by Mr Rahaman, the settlement reports provided by CBTT and the TTSE indicated that the net bank settlement for this transaction for Bourse was zero.

“Bourse would therefore have been able to settle the transaction between their clients internally without the TTSE having to submit a file for the debiting or crediting of any Bourse bank accounts for settlement,” the report added.


https://trinidadexpress.com/news/local/ ... 5d357.html

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Re: FCB IPO

Postby pugboy » February 3rd, 2020, 7:20 am

so a lil slap on the wrist then
why wasn’t it charged as a financial criminal act?
ah now read "no admission of liability" too

steups

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