ttngl apo oversubscribed (2) · ttngl apo oversubscribed ... the initial public offering (ipo) of...

July5th2017

MediaReleaseTTNGLAPOOversubscribed

Chairman Gerry C. Brooks and the Board of Trinidad and Tobago NGL Limited (TTNGL),conveyedthankstoTTNGL’sexistingshareholdersandre-investorswho,bytheiroverwhelmingsubscriptions, reaffirmed their confidence in TTNGL. The Chairman also welcomed on boardnew investors who expressed confidence in the strength of TTNGL and its Additional PublicOffering (APO) of The National Gas Company of Trinidad and Tobago Limited’s (NGC’s)40,248,000ClassBShares.AccordingtoChairmanGerryC.Brooks,“theofferreceivedaveryrobust response fromexisting andnew investors. Initial indicators suggest that theAPOwasoversubscribed,”henoted.TheAPOcommencedonJune5th2017andendedonWednesdayJune28th2017.Shareswereoffered to the public at a price of TT$21.00 per share. This offer price resulted in a trailingdividendyieldof7.14%-thehighestontheTrinidadandTobagoStockExchange(TTSE). Thesharescreatedtremendousexcitementonthelocalstockmarket,earningendorsementsacrossthefinancialsectorduringthethreeandhalfweeksoftheOffer.TheInitialPublicOffering(IPO)ofTTNGLsharesin2015wasthelargestlocalIPO.Itwasoversubscribedby1.77timesandatthat time,also invigoratedthe localstockexchange.TheChairmannotedthat theAPOhadasimilareffect.Publicinvestorswillnowhold100%ofClassBSharesofTTNGL.Thisshareholdingwillrepresenta 75% effective ownership interest in TTNGL. This amounts to 29.25% effective ownershipinterestinPPGPL.Mr.BrooksstatedthatNGC’seffectiveownershipofPPGPLwillbereducedfrom 63% to 52%. However, he stressed that The Companywill stillmaintain control of theBoardof PPGPLallowing the company tobenefit from synergies across TheNGCGroup. TheCompany’sClassAShareswerenotlistedontheTTSE.Mr.Brooks,inissuinghisthanksonbehalfoftheBoardsofNGCandTTNGL,alsostated,“Wewill continue to work for all our investors to maximise the value of and returns on thisimportantpieceofourpatrimony.ThisdemonstrationofsupportwillfuelNGC’s,PPGPL’sandTTNGL’scontinueddeterminationtodistinguishourselvesintheenergysector.”NotificationofthebasisoftheallocationsgenerallyandanoticeinwritingoftheallocationtoeachsuccessfulapplicantwillbeissuedshortlyinaccordancewiththedatessetoutintheProspectus.

Formoreinformation,pleasecontact:Mr.SheldonSylvester,ChiefFinancialOfficerTrinidadandTobagoNGLLimited(TTNGL)Email:ttngl@ngc.co.tt

TTNGLBoard(l-r):VivekCharran;AshmeerMohamed;GerryC.Brooks(Chairman);KennethAllumandProfessorAndrewJupiter.