Saturday 6 June, 2020

NCB registers $1.6 billion block trade on Thursday

NCB Financial Group (NCBFG) registered a $1.65 billion block trade on Thursday. 

Approximately 11.37 million units of the financial conglomerate stock traded hands, declining slightly by 0.7 per cent to close at $145.51.

This represents the third largest trade of the calendar year for the stock, which gained 46 per cent year to date. The largest trade of the year was 61.8 million units in April.

The trade came a day after NCBFG revealed plans to make a third bid for the shares in Guardian Holdings Limited of Trinidad (GHL), at an enhanced price of $2.79 per share and for up 62 per cent of the outstanding shares in GHL.

The financial institution intends to publish the offer and take-over bid within the next 30 days.

In accordance with the amended agreement, the aggregate increased offer price is to be partially financed, to the tune of US$45 million, by vendor financing to be made available to NCBFG by the key shareholders.

A month ago, NCBFG’s wholly owned subsidiary NCB Global Holdings Limited (NCBGH), agreed to offer shareholders of GHL no less than US$2.65 per share. That works out to US$0.30 more than the original offer made for the additional shares at US$2.35 each.



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