Harford: CLICO investors selling themselves short

(Trinidad Express) Unit holders of the Clico Investment Fund are giving away their investments, Republic Bank chairman Ronald Harford has said.

Speaking after the Arthur Lok Jack Graduate School of Business graduation ceremony Saturday night at the Hyatt Regency (Trinidad), Port of Spain, Harford said perhaps investors were eager to get back their investments because they had thought they would never get it back, and the Fund is providing such an avenue.

“But they should be patient. (The units) are far more valuable than the deals I see going through,” he said.

“It’s four units for one Republic Bank share; Republic is for TT$105.00 so it should be about TT$26.00 per (unit) although the last transaction I saw was about TT$20.00. If you buy (these units) you are getting Republic’s shares at a huge discount,” he said.

Eighty-six per cent of the Fund comprises 40,072,299 Republic Bank shares with a nominal value of nearly TT$4 billion. Republic Bank is listed on the ordinary share market of the local Stock Exchange (TTSE) for TT$105.50 per share. The CIF, listed on the TTSE mutual fund market, was last valued at TT$20.31 per unit, after a launch price of TT$25.00 per unit.

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. Kelly Datt

    Bandits shoot dead one of their own during Edinburgh robbery

  2. Sueanna Walcott

    Mahaicony crash claims second victim

  3. Area where Akeem Grimmond’s body was found

    Boy, 14, found murdered in burial ground

  4. Nazim Jabhar and Angela Jabhar

    Woman critical, niece, 3, injured in Albion hit and run

  5. Gailann Chacon

    Excavator operator killed, friend injured

  6. Alvin Reid

    ‘Satan’ charged with murdering Two Sisters girl

  7. Reagus Lamazon

    Teen charged over Laing Avenue taxi driver’s murder

  8. Akola Wayne

    Probe launched into death of mom of 9 at GPHC


Recommended For You