TAKE NOTICE that on August 6, 2021, a decision was taken by the Board of Directors of Trinidad and Tobago Mortgage Finance Company Limited (“TTMF“) to effect a merger (“the Merger“) of the operations of TTMF with those of the Home Mortgage Bank (“HMB“), through the following mechanism:-
(i) a restructuring of the shareholding of HMB such that TTMF will become HMB’s sole shareholder;
(ii) an allotment of shares of TTMF to the National Insurance Board of Trinidad and Tobago (“NIBTT”); and
(iii) the subsequent liquidation of HMB by way of a members’ voluntary liquidation, with the distribution of the assets of HMB to TTMF.
On August 6, 2021, TTMF executed an agreement with HMB and NIBTT to give effect to the Merger, subject to regulatory approvals.
The Merger is intended to achieve business synergies between HMB and TTMF resulting in increased returns to the shareholders of each entity, an improved service to customers and an enhanced entity for the benefit of employees and creditors.