(Trinidad Guardian) Clico Trust Corporation Ltd as trustee of the Clico Investment Fund has notified unitholders that in accordance with the provisions of the trust deed, the fund will be terminated on January 2, 2023.
A notice posted on the T&T Stock Exchange yesterday said the trustee further advised unitholders that the last trading day for units in the fund will be December 30, 2022, and the record date for distribution of the fund assets will be January 5, 2023, in accordance with the settlement period of three working days for the mutual fund market of the T&T Stock Exchange.
It is expected the fund’s assets (including the shares in Republic Financial Holdings Ltd, Government Bonds and cash) will be transferred to the brokerage accounts of qualifying unitholders before the end of January 2023.
Given the final trading day noted above, any one still holding 11 to 20 year bonds from Clico, who wishes to exchange these bonds for units in the fund, may submit the 11 to 20 year bonds to the lead broker, First Citizens Brokerage and Advisory Services Ltd for processing before December 16, 2022, the notice also said.
It added details relating to the termination of the fund will be communicated to unitholders via ads in the press and the stockbrokers.
In December Clico announced it paid off $17.3 billion in debt, inclusive of interest, to the Government and is looking forward to creating new business and continuing to serve its policyholders.
On February 13, 2009, the Central Bank gained emergency control of Clico, which, it said, was to “safeguard the interests of Clico’s policyholders and creditors and to prevent substantial disruption posed to the domestic financial system by Clico’s collapse.”
Central Bank Governor Dr Alvin Hilaire had also said while the bank could have exited earlier, it was not only focusing on Clico’s profitability but also its governance structure, capacity to move forward and the stability of the financial system.
