OVER 100 shareholders of Agostini Ltd voted to move forward with the acquisition of Prestige Holdings Ltd (PHL) through a share swap agreement which...
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- NEWSDAY.CO.TT - A la Une - 09/Jul 18:06
Agostini shareholders agree to PHL share swap
OVER 100 shareholders of Agostini Ltd (AGL) voted to move forward with the acquisition of Prestige Holdings Ltd (PHL) through a share swap agreement, which would see Agostini expanding into the restaurant sector at an emergency general meeting (EGM) at the Hyatt Regency, Port of Spain, on July 9. Agostini Ltd CEO Barry Davis said the company proposes a share swap of one AGL ordinary share for every 4.8 PHL shares. The company would need to acquire 96.9 per cent of PHL shares for the share-swap to be successful. The expected closing date of the offer is July 21, and the settlement of the offer, provided the needed shares are acquired, is July 31. In a notice, PHL's board advised its shareholders to accept the offer, which would see them receive a special dividend of 50 cents to all shareholders on their register as of July 18. Payment of the special dividend is dependent on AGL being successful in its offer. Agostini Ltd owns Acado, Aventa, Superpharm, Presto and Mpharmacy, while PHL is the parent company to KFC, Subway, Pizza Hut, TGI Fridays and Starbucks franchises. The Agostini group currently operates in TT, Barbados, St Lucia, St Vincent, Grenada, Jamaica, Guyana, Curacao, Aruba and Canada. The post Agostini shareholders agree to PHL share swap appeared first on Trinidad and Tobago Newsday.
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