RBC Buys out RBTT for USD2.2bil

[Sumana]

http://news.bn.gs/article.php?story=20071002102653190

confirmed @

http://www.rbc.com/newsroom/pdf/20071002rbtt.pdf


So hold on to those shares people...or try to get more!!

[sapodila]

The market busy rite now.........yuh tink Trinis does take opportunities like this seriously....steupps!

[sheppy]

ofcourse they do...there's alot that can happen between now and next year tho...

[Somebody007]

that is small money RBC shell out there. Companies are ususally bought out for more than that.

[Double Trouble]

that is small money RBC shell out there. Companies are ususally bought out for more than that.

What's your point? Are you saying that RBC got a steal and the powers that be in RBTT are foolish to "only" accept 2.2 billion USD?

[Solachica]

You know last week Tuesday RBTT at Gulf City was robbed around 1pm.
Surprisingly I didnt see it on news or even read abt it. :?

[Somebody007]

that is small money RBC shell out there. Companies are ususally bought out for more than that.

What's your point? Are you saying that RBC got a steal and the powers that be in RBTT are foolish to "only" accept 2.2 billion USD?


RBTT could have gotten more money than that. 2.2 Billion aint no big set of bucks to put out for them big US/Canadian Multinational Companies.

[sylvestter]

i wish they would rebrand rbtt now.

that stupid logo and the whole idea of 'rbtt bank' is quite annoying.

[vaio]

This is going down today... lots of ppl are protesting against it!

[Solachica]

I thought this deal was over. How they now voting on if to sell now?
Or rbtt sold their shares and shareholders have to sell now?

[vaio]

There was an intention to purchase before..today with shareholders will vote on the sale at the meeting. This sale will change the entire landscape of the banking sector in T&T.

RBTT has about 16,000 shareholders on record. Some 60 per cent of them usually respond when the bank has annual general meetings, but given the widespread commentary and discussion about the proposed sale of the bank to Royal Bank of Canada (RBC), RBTT Group CEO Suresh Sookoo expects a total response—via proxies and attendance—of roughly 80 per cent at this morning’s special general meeting to vote on the bank’s acquisition.

Only shareholders will be allowed into the meeting, which will be held from 9.30 am in the ballroom of the Hilton Trinidad and Conference Centre.

Unless they are shareholders, members of the media will not be allowed to attend.

Speaking yesterday, Sookoo said bank chairman Peter July will host the morning’s proceedings.

Sookoo said the bank’s managers and directors are hoping the meeting will be a success.

“It is a landmark transaction,” Sookoo said.

He said much of the commentary over the RBTT/RBC deal has dealt with nationalism and fairness over RBC’s share price offer.

The National Insurance Board is the largest single shareholder in RBTT, owning 69.3 million shares, representing 20.18 per cent of the bank’s issued share capital.
The second largest shareholder is Guardian Holdings Ltd with 14 per cent.
Businessman Richard Azar is a principal shareholder.

It is understood that Azar owns a little more than 3 per cent of the bank’s shares.

RBC announced last October its intent to acquire RBTT for TT$13.8 billion

http://www.guardian.co.tt/business1.html

[snowbird]

Well everything old is new again;
they started out as Royal Bank of Canada, they went all National and became RBTT, now they are back to Royal Bank of Canada again :roll:

[dav_tt]

To be honest, I think this deal is the catalyst for the current increase in activity on the TT Stock Market. The thing about it though, is that, the shareholders have not been paid yet by RBC. As per the Central Bank Governor, 7.5 billion TT$ will be paid out in cash, so what will be the outcome when this is paid out? Will this capital also chase the stocks on the market?