(Trinidad Express) AS of January 7, 2013, the CLICO Investment Fund will be listed on the Trinidad and Tobago Stock Exchange (TTSE).
In a release yesterday, the TTSE’s board of directors said trading for the Fund will also begin that day.
This is one week later than the proposed date of January 2, 2013, given by Finance Minister Larry Howai in his budget presentation in October.
Once the fund begins trading, however, Government’s obligations towards negotiations of settlements to policyholders will have finally been brought to an end.
The symbol for the Fund will be CIF.
Units in this fund will be listed at a price of $25.00 each and will be traded in the Mutual Fund Market.
The Fund was launched November 1 as part of the settlement to CLICO policyholders by the government as part of the $20 billion bailout of the country’s largest insurance company’s collapsed empire.
Policyholders of Short-Term Investment Products (STIPS) sold by Colonial Life Insurance Company (Trinidad) Ltd and British American Insurance Company (Trinidad) Ltd valued at over $75,000 received cash payments up to $75,000 and zero-coupon one to 20-year bonds for the difference. When the Fund begins trading they will be able to exchange those bonds for units in the Fund.
Republic Bank Ltd is the Fund Administration agent as well as one of the distributors of the Fund.
Eighty-six per cent of the Fund comprises 40,072,299 Republic Bank shares with a nominal value of nearly $4 billion.
These shares represent 25 per cent of the total issued share capital of Republic.
