PPGPL IPO...

[PariaMan]

Two things in the public domain

1. Until after the budget October or later or
2. Not until all the investigations into FCB completed!

[nervewrecker]

Posting here to read later

[bluefete]

Was at Bourse Securities during the week. They still maintain a July 21st date.

Why are we not surprised at this?

Same Bourse Chairman was Chairman of Stock Exchange in FCB IPO scandal.

Seems that these Class B shares have already been divvied up. Just waiting for right timing.

More time taken to market, more time thief have time to plan to thief more (legally, of course).

[PariaMan]

New IPOs unlikely in Budget
Wednesday, August 20 2014

GOVERNMENT seems unlikely to announce the launch of the proposed Phoenix Park Initial Offering (IPO) or any other IPO in the 2014/2015 Budget.

Finance and Economy Minister Larry Howai will present the Budget in the House of Representatives on September 8.

Responding to questions from Newsday, officials at the Finance and Economy Ministry indicated that the Phoenix Park IPO “cannot be progressed right now” as “negotiations are currently underway” at the National Gas Company (NGC).

They explained that this IPO was delayed “to allow us to do a full review in light of the FCB (First Citizens Bank) IPO.” On April 10, Attorney General Anand Ramlogan recommended that this IPO be referred to the Director of Public Prosecution (DPP), Comm-

issioner of Police (CoP) and the Securities and Exchange Commission (SEC). The matter is still under investigation.

Ramlogan who made these recommendations said a review of the transaction saw former FCB Chief Risk Officer Phillip Rahaman purchase $12 million in shares that were later resold. Ministry officials explained the Phoenix Park IPO was delayed to “ensure that we learn from what has happened and move forward prepared for all eventualities.”

“In any case, as you would know, when two or more shareholders are involved, the other shareholders must be given first option to purchase the shares at market value before an IPO can be initiated,” they added.

In his 2013/2014 Budget presentation in the House on September 9, 2013, Howai described the FCB IPO as “an outstanding success.”

Explaining that “our capital market policy for generating high levels of savings and for promoting the efficient allocation of those savings is an ongoing activity, Howai said, “First, we will take steps as soon as appropriate to make an IPO of a newly established company into which the NGC of Trinidad and Tobago will transfer the 39 percent shareholding in Phoenix Park Gas Processors Limited which it is purchasing from Conoco Phillips.”

On August 16, 2013, Energy Minister Kevin Ramnarine announced NGC had purchased Conoco Phillips’ 39 percent shareholding in Phoenix Park at a cost of US$600 million, he said he held preliminary talks with Howai about issuing an IPO regarding this acquisition.

Last September, Howai said Government would make an IPO for the TT Mortgage Bank, once it completed restructuring of the Home Mortgage Bank and the TT Mortgage Finance Company.

Finance Ministry official also said yesterday, “Budget 2015 is geared towards continuing the initiatives begun in the preceding PP budgets so as to ensure that the growth momentum continues.”

Noting advice from the International Monetary Fund (IMF) latest Article IV statement on this country about the need to curb expenditure, officials added, “At the same time, measures are being put in place to deal with the concerns raised by external agencies.”

[DVSTT]

New IPOs unlikely in Budget
Wednesday, August 20 2014

GOVERNMENT seems unlikely to announce the launch of the proposed Phoenix Park Initial Offering (IPO) or any other IPO in the 2014/2015 Budget.

Finance and Economy Minister Larry Howai will present the Budget in the House of Representatives on September 8.

Responding to questions from Newsday, officials at the Finance and Economy Ministry indicated that the Phoenix Park IPO “cannot be progressed right now” as “negotiations are currently underway” at the National Gas Company (NGC).

They explained that this IPO was delayed “to allow us to do a full review in light of the FCB (First Citizens Bank) IPO.” On April 10, Attorney General Anand Ramlogan recommended that this IPO be referred to the Director of Public Prosecution (DPP), Comm-

issioner of Police (CoP) and the Securities and Exchange Commission (SEC). The matter is still under investigation.

Ramlogan who made these recommendations said a review of the transaction saw former FCB Chief Risk Officer Phillip Rahaman purchase $12 million in shares that were later resold. Ministry officials explained the Phoenix Park IPO was delayed to “ensure that we learn from what has happened and move forward prepared for all eventualities.”

“In any case, as you would know, when two or more shareholders are involved, the other shareholders must be given first option to purchase the shares at market value before an IPO can be initiated,” they added.

In his 2013/2014 Budget presentation in the House on September 9, 2013, Howai described the FCB IPO as “an outstanding success.”

Explaining that “our capital market policy for generating high levels of savings and for promoting the efficient allocation of those savings is an ongoing activity, Howai said, “First, we will take steps as soon as appropriate to make an IPO of a newly established company into which the NGC of Trinidad and Tobago will transfer the 39 percent shareholding in Phoenix Park Gas Processors Limited which it is purchasing from Conoco Phillips.”

On August 16, 2013, Energy Minister Kevin Ramnarine announced NGC had purchased Conoco Phillips’ 39 percent shareholding in Phoenix Park at a cost of US$600 million, he said he held preliminary talks with Howai about issuing an IPO regarding this acquisition.

Last September, Howai said Government would make an IPO for the TT Mortgage Bank, once it completed restructuring of the Home Mortgage Bank and the TT Mortgage Finance Company.

Finance Ministry official also said yesterday, “Budget 2015 is geared towards continuing the initiatives begun in the preceding PP budgets so as to ensure that the growth momentum continues.”

Noting advice from the International Monetary Fund (IMF) latest Article IV statement on this country about the need to curb expenditure, officials added, “At the same time, measures are being put in place to deal with the concerns raised by external agencies.”

Sigh. I'm getting real fed up with all these delays...

[PariaMan]

A greedy few cost the majority to miss out on the opportunity to make a few dollars!

[fay]

Any updates

[DVSTT]

Any updates

I gave up on this IPO.
I think excellent stores is coming online later this year though. Might want to consider them.

[Redman]

It being a private entity ....can the minister prevent Excellent stores from offering?

If he thinks there is some systemic gap?

[fay]

Thanks

I gave up on this IPO.
I think excellent stores is coming online later this year though. Might want to consider them.[/quote]

[Country_Bookie]

If Elections next year are in May, the IPO will be after elections.
If Elections are a few months later, the IPO will likely be in April.

[jusjase44]

http://www.newsday.co.tt/news/0,205338.html

[DVSTT]

If Elections next year are in May, the IPO will be after elections.
If Elections are a few months later, the IPO will likely be in April.

I'm not holding my breath. But given the dropping oil and gas prices does it. Male sense buying in?

[nervewrecker]

If Elections next year are in May, the IPO will be after elections.
If Elections are a few months later, the IPO will likely be in April.

I'm not holding my breath. But given the dropping oil and gas prices does it. Male sense buying in?

Make, not male. Pwned by autocorrect

I too holding out but last I checked didn't see anything with massy and ansa. They more or less stayed the same.

[DVSTT]

If Elections next year are in May, the IPO will be after elections.
If Elections are a few months later, the IPO will likely be in April.

I'm not holding my breath. But given the dropping oil and gas prices does it. Male sense buying in?

Make, not male. Pwned by autocorrect

I too holding out but last I checked didn't see anything with massy and ansa. They more or less stayed the same.

SwiftKey keyboard again.

[nervewrecker]

I stand corrected though.

Massy dropped a little.

[NR8]

Massy would be more inclined through Wood Group I suppose. Does Ansa have any energy related subsidiaries?

[DVSTT]

Fixed deposit interest rates have increased a bit, getting 3% at places.

[NR8]

For what duration?

[DVSTT]

For what duration?

5 years locked

[jusjase44]

Anything new on this?

[fay]

alive

[jusjase44]

Hmmmmmmmmm, dead

[kaylex]

US$80.7m loan for Phoenix Park

Story Updated: Apr 16, 2015 at 9:20 PM ECT

http://www.trinidadexpress.com/business ... 16851.html

State bank First Citizens yesterday announced a partnership with energy company Phoenix Park Gas Processors Ltd (PPGPL) for a US$80.7 million loan facility which will mature in March, 2021.

The facility was used to refinance debt facilities previously arranged by US-domiciled banks, First Citizens said in a statement.

“This new facility is of national significance for two particular reasons as it demonstrates PPGPL’s ability to access financing commensurate with its reputation and credit quality as well as being financed wholly in US dollars sourced locally by First Citizens.”

At the signing ceremony for the loan, PPGPL acting president Dominic Rampersad noted the importance of the local financial sector in the development of the local economy and complimented First Citizens for the role it played in completing this transaction.

First Citizens chief executive Karen Darbasie expressed how pleased the Group was to contribute to the energy sector.

[kaylex]

Question.... is it therefore any feasible to buy shares ?

[snatman]

Question.... is it therefiore any feasible to buy shares from a company in debt...
lol ??? well managed company ..

ALL companies are "in debt"

[PapaC]

Question.... is it therefiore any feasible to buy shares from a company in debt...
lol ??? well managed company ..

Well considering your post and your interpretation of that article, better you keep your money.

[DVSTT]

Question.... is it therefiore any feasible to buy shares from a company in debt...
lol ??? well managed company ..

Well considering your post and your interpretation of that article, better you keep your money.

Lolololol

[Redman]

Question.... is it therefore any feasible to buy shares ?

As with all things investment related....the true answer is IT DEPENDS

Debt is not a bad thing DEPENDING on the cost of borrowing,DEPENDING on the size of debt relative to the net earnings and DEPENDING what the co is going to do with the borrowings..

So based on the article it seems that the FCB loan is to refinance existing debt-which indicates that the interest cost should be reduced,

The co might want to expand with a new plant-instead of selling equity-debt makes sense because of the LOW interest rate environment.

If you are borrowing at 5% and the new plant will return 20% -it makes sense to borrow.

Also the true cost of the money is the Interest rate less the rate of inflation-so if you are investing in something that is making positive returns MATHEMATICALLY you making more money as well.

Hope this helps

[DVSTT]

Still they've not announced a date for the IPO yet.....