Ormond Williams is suing Cayman National Bank for wrongful termination after being ousted as the bank’s president last November.
Mr. Williams served as Cayman National’s president for 15 years before he was fired last November, around the same time the Republic Bank Trinidad and Tobago (Barbados) Ltd. was working to finalize its acquisition of the local bank’s parent company, Cayman National Corporation Ltd. Janet Hislop was named as Cayman National Bank’s new president last month.
The former president’s writ seeks damages and fees for his alleged wrongful termination. The lawsuit also seeks a declaration from the Grand Court that he is still a director of Cayman National Bank Ltd., Cayman National Property Holdings Ltd., and Cayman National Mortgage Fund Ltd.
The writ contains no details about why Mr. Williams feels he was wrongfully terminated, and he has not answered questions about whether his departure from the bank had anything to do with Cayman National’s acquisition by the Republic Bank.
Meanwhile, that acquisition is close to being finalized, as all the necessary regulators have signed off on the transaction. Shareholders who decided to sell their stock to Republic Bank will collect their payments next week.
Republic Bank announced on Monday that its offer to purchase 74.99 percent of Cayman National’s stock at US$6.25 per share expires on Friday.
Republic Bank has received acceptances to buy more than 87 percent of Cayman National’s shares, but the Trinidad-headquartered bank will still only initially acquire 74.99 percent of Cayman National.
Therefore, Republic Bank will determine how much stock it buys from each shareholder based on a formula contained in its offer circular. Based on that formula, Republic Bank will buy about 85 percent of the stock from each individual shareholder who accepted the offer – so if a Cayman National stockholder agreed to sell 1,000 shares, the Republic Bank will actually buy about 850 at this point.
Republic Bank said on Monday that shareholders who sold their stock may pick up their payments from 12 p.m. on March 13 at Cayman National Securities Ltd., which is located at suite 6201 of 62 Forum Lane in Camana Bay.
“Thereafter, cheques will be available for collection at the same address during regular business hours. Currently valid government-issued photo identification will be required for collection,” Republic Bank said in a statement. “Shareholders resident outside of the Cayman Islands and entitled to consideration under the Partial Offer will receive funds by wire transfer initiated on March 13, 2019.”
Cayman National’s shares were trading at US$6.20 as of Friday.