Trading in First Citizens Bank’s shares will be suspended for three days starting Wednesday, before the company delists to facilitate a planned corporate restructuring.
On June 30, the shareholders of First Citizens Bank Ltd approved the corporate legal restructure of the First Citizens Group where the bank would no longer be the holding company but would instead become a subsidiary of a new holding company called First Citizens Group Financial Holdings Ltd.
The shareholders of First Citizens Bank will hold shares in FCGFH in the same percentages that they held in the bank.
“We advise that all necessary regulator approvals have been received for the corporate legal restructure to take place. As such, to effect the listing of the shares in FCGFH and the delisting of the shares in the bank all trades in FIRST shares would be suspended for three business days commencing Wednesday October 13, 2021 and ending Friday October 15, 2021 (both days inclusive),” a notice signed by corporate secretary Lindi Ballah-Tull stated.
According to the notice, Ballah-Tull stated that the suspension had become necessary to allow for “the settlement of all outstanding trade in FIRST shares, the movement of all shareholders’ accounts and the shareholding from FIRST to the FCGFH and the listing of the shares of FCGFH and the delisting of the shares in the bank.”
Trading on the T&T Stock Exchange will resume next Monday but under a new company.
The new trading name will be First Citizens Group Financial Holdings Ltd with a new T&TSE ticker “FCGFH”.
The T&TSE ticker “FIRST” will no longer be used once the bank is delisted.
“Shareholders would continue to enjoy the same ownership rights they held before the suspension of trading of FIRST shares,” Ballah-Tull stated.
“If you have sold all your FIRST shares in the Bank by or before Tuesday October 12, 2021 then you will no longer be a shareholder of the bank or the new group holding company First Citizens Group Financial Holdings Ltd. If you are an existing bank shareholder on Tuesday, October 12, 2021 then you will continue to hold the same percentage of shares (along with the same rights) in the new group holding company that you held in the bank,” First Citizens stated.