Oct 2013 Financial News

TCL - Notice to TCL Shareholders and Employees

Oct 08, 2013

SHAREHOLDERS’ PROPOSAL UPDATE – RESCHEDULED DATE OF HEARING

As previously reported, on Friday 12th July, 2013, the Honourable Mr. Justice Harris granted an injunction restraining the holding of TCL’s Annual Meeting scheduled for 4.30pm on that same day.

TCL filed a Notice of Appeal challenging the granting of the injunction. The Court of Appeal Hearing had been fixed for Monday 30th September, 2013 but was rescheduled by the Court to Wednesday 9th October, 2013.

While TCL has always been and remains ready to proceed, the attorneys for the proposing shareholders applied for a further postponement of the hearing, due to the unavailability of their Senior Counsel. The Appeal has therefore been further rescheduled to Wednesday 13th November at 9:00 a.m.

The High Court matter, originally set for Friday 4th October, 2013 and adjourned to Monday 14th October, 2013, will also have to be rescheduled.

Shareholders and employees will be kept abreast of the status of these crucial matters.

The Shareholders’ Proposal was submitted by a group of eleven shareholders holding 5.68% of TCL, and includes Wilnet Holdings Limited, Stephen Espinet, MASA Investments Limited, Brimont Limited, Kamal Ali, Alescon Readymix Limited, Bourne Investment Inc., Tatil Life Assurance Limited, Nicholas Development Limited, Helen Bhagwansingh and Issa Nicholas Holdings.


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday October 8, 2013