FCB IPO

[jusjase44]

any idea when all these other ipo's will actually be???????

[kl122]

I wud say between April to July ... The fcb ipo was suppose to be in June, and look when it came out...

[kaylex]

aye when the dividends coming yow…. ??? ah wha meh money

[kl122]

Dividends paid last fri pal got payment after lunch

[kaylex]

Dividends paid last fri pal got payment after lunch

nah man .. you jokin..
they debit your said account >>??

[kl122]

Yea, they did ach fri, sum banks may take longer to reach, but fcb got it fri

[kaylex]

Yea, they did ach fri, sum banks may take longer to reach, but fcb got it fri

thanks...

[Sumana.00]

Well thank God i read this thread, dividends were paid in Friday

[kaylex]

I just thinking aloud here…
what if the US Authorities take a couple of the big boys >>>/??
freeze assets etc..]
what effect would it have on our local bank sector….??

[Redman]

I just thinking aloud here…
what if the US Authorities take a couple of the big boys >>>/??
freeze assets etc..]
what effect would it have on our local bank sector….??

Great Q.
IF we do lock down the transhipment business enough to force it to go elsewhere how much of the activity in the local economies is ACTUALLY tied to COCAINE/Drugs/money laundering?

The impact would hinge on how complicit the banks are found to be.
If they are found to be taking in cocaine crusted bills in suitcases at 3 in the AM then we should expect to be heavily sanctioned-fines,difficulties with wires to and from TnT,Cross border financing will be greatly hindered,we might see the existing financing packages the banks have trade lower,If its one of the multi nationals heads will roll,they will be fined.If its a local man will retire with full benefits.

local day to day transactions should be un affected

That said HSBC UBS have gotten caught dealt with it and moved on.

[teems1]

That said HSBC UBS have gotten caught dealt with it and moved on.

Yeah, a whopping 5 weeks' worth of profit.

http://www.globalpost.com/dispatch/news/regions/americas/united-states/140121/hsbc-paying-2-billion-drug-money-laundering-cartel

[Hyperion]

TRINIDAD EXPRESS BUSINESS SECTION

Howai orders review after bank exec buys $14m in shares
First Citizens IPO

Story Created: Feb 14, 2014 at 9:18 PM ECT
Story Updated: Feb 14, 2014 at 9:18 PM ECT
Finance Minister Larry Howai has ordered a full review into the First Citizens Initial Public Offer (IPO) after reports the group’s chief risk officer, Phillip Rahaman, purchased $14 million worth of shares through the special offer of the bank’s shares for employees.
Last year, the Government issued 48.5 million shares (just under 20 per cent of its 100 per cent stake) to be traded on the Trinidad and Tobago Stock Exchange. The group’s 1,664 employees were allotted 15 per cent (7.2 million) of that.
Each staff member had the option of purchasing a guaranteed maximum 5,000 shares at a ten per cent discount, and a guaranteed minimum of 500 shares. Several staff members did not participate, so other employees—including Rahaman— were able to purchase shares in excess of the discounted availability.
The IPO’s share price was $22 per stock unit, or $19.80 discounted ten per cent. Rahaman reportedly purchased $14 million worth of shares, as reported in the company’s annual report for 2013.
“Immediately upon noting the information in the annual report, I requested (my ministry) to undertake enquiries. Meetings were held with representatives of the bank and a detailed audit was requested. This is being done. The ministry has also advised the various regulatory authorities of this development, in accordance with required procedures,” Howai said in a statement yesterday.
He added he “remained satisfied” the ministry has to proceed with honouring its statutory responsibilities in this matter.
This was the furthest he could comment at this stage, he said, but he “stood ready to provide the public of Trinidad and Tobago with pertinent information as soon as same is deemed allowable for disclosure”.
The bank also released its unaudited consolidated financial statements for the first quarter ending December 31, 2013, yesterday. In her report as chair of the State banking group, Nyree Alfonso said the group concluded “another profitable year”.
Profit after tax increased by 3.9 per cent over the same period last year to $174.8 million, the report said.
First Citizens closed trading on the TTSE yesterday at $38.98, gaining four cents. —Carla Bridglal

[antlind]

Greed and corruption. If he had $14MM lying around he should retire and give someone else a job.

[jusjase44]

shakes head

[pete]

As risk officer would he have had any say in setting the initial price of the stock?

Maybe he borrowed that same $14M and will now be able to sell half the stock, pay off the $14M, make $2M cash and then still have $14M in stock in the bank. Sounds like a bess plan to me.

[Redman]

As risk officer would he have had any say in setting the initial price of the stock?

Maybe he borrowed that same $14M and will now be able to sell half the stock, pay off the $14M, make $2M cash and then still have $14M in stock in the bank. Sounds like a bess plan to me.

No direct influence in setting the price.

The price is supposed to be set based on what the market will sustain-there is supposed to be an attempt to get the highest price possible.-the fact that there was over subscription,and a 100% run up post IPO means that the IPO price was set too low.

Each staff member had the option of purchasing a guaranteed maximum 5,000 shares at a ten per cent discount, and a guaranteed minimum of 500 shares. Several staff members did not participate, so other employees—including Rahaman— were able to purchase shares in excess of the discounted availability.

This is where collusion comes in.

Every share that was sold at a discounted price is lost capital for the entity post IPO.
The employee allocation should have been kept at the 5000 share limit.
If there was a remainder from the emp alloc it should have gone back to the pool.

But FC Asset Mgt ran the IPO.-So it was all ok since everybody makes their money,looks good and is happy.

Of course the money made by shareholders after the fact could have gone to the entity.

Based on what has happened since I would say that the IPO could have been set at 30 and still do well.



But this is Trinidad.
So...................wha eva

[ray d saint]

FCB

Ex Dividend Date: Dec 27th 2013
Record Date: Dec 31s 2013
Payment Date: January 24th 2014

Dividend: $ 1.09 per share.

The TTSE is a LONG TERM investment avenue. Yes there are 'some' short term advances and stakeholders reap the rewards, but that is what u call 'well calculated risks'

The PPGPL IPO is still in the early stages, there is a approximate date of April 2014. but that may well be later that proposed, the IPO prospectus is yet to be approved by the SEC.

Once that is done the process is seamless and should happen in abt 5 weeks. The nominated broker for this IPO is FCBAS.



The

[neilsingh100]

The shares were sold and he made over 10 million in profit.

I would like to see the form where he declared source of funds.

[Bareback]

This should also be investigated by the TTSEC for possible insider trading and breech of IPO declarations.

[pugboy]

the question is if there were rules saying an employee could buy if other employees did not take up their allocation.
Preferential options usually have time limits before they can sell to avoid creating volatility.

If not then he just exploited the loophole which just goes to show the whole thing was poorly setup in the first place.

the source of funds is a big joke, we can expect the authorities claim confidentiality and all kind of nonsense in investigations.

the media should really take up this, can't have a senior man on the "national" bank running racket like this, how it go look ?

[zoom rader]

^^^ Money waits for no one, alot of systems in trini are poorly set up. The guy found what seems tobe a loop hole and he use it to his advantage, its the trini culture of doing business. Nothing going to come out of this if no laws are set up in the first place. Running racket is norm for trinis

[pete]

^^^Which is why it's so surprising so many people willing to risk their $ on that company.

[zoom rader]

^^^Which is why it's so surprising so many people willing to risk their $ on that company.

Investors already made double their money on FCB. You just have to know when to get rid of your shares . FCB was a good buy and now on to phoenix park for another short term killing.

[pete]

Initial investors maybe. We'll see what happens from now.

[kjaglal76]

i miss out on dis, i cudda buy some shares wen i did get my backpay

when phoenix expected to go on sale??

[kg494EJ-1]

^^^ Money waits for no one, alot of systems in trini are poorly set up. The guy found what seems tobe a loop hole and he use it to his advantage, its the trini culture of doing business. Nothing going to come out of this if no laws are set up in the first place. Running racket is norm for trinis

Unfortunately this is true, while many would say it was unethical, according to our laws its not illegal, seems he found a loophole and exploited the hell out of it but according to a friend of mine that's why we are referred to as Trickidadians we always find a way.

[Country_Bookie]

He didn't exploit a loophole. The IPO was set up and they reserved 5,000 shares for each employee and made soft loans available for them to buy it. If people didn't take up their allotment it was made available to other employees.
If all the employees had taken up their allocation he would only have gotten 5,000. He prospered off the stupidity of others. If anything, they should promote him.

[zoom rader]

He didn't exploit a loophole. The IPO was set up and they reserved 5,000 shares for each employee and made soft loans available for them to buy it. If people didn't take up their allotment it was made available to other employees.
If all the employees had taken up their allocation he would only have gotten 5,000. He prospered off the stupidity of others. If anything, they should promote him.

As I said before Money waits for no one. Trinis are lacking in money management and Investments

[antlind]

But the big question is where does a Risk Manager working with FCB get his hands on $14MM to purchase these shares.

[zoom rader]

But the big question is where does a Risk Manager working with FCB get his hands on $14MM to purchase these shares.

FCB had special loans for all FCB staff to purchase shares. Plus the public also had special deals to purchase. Money waits for on one.
I knew staff that took out loans of $90K and made $90k, $180k
You would think that bank staff know how to manage & invest money