Republic Financial Holdings Limited’s recent offer to buy up to 10.59 million ordinary shares of Cayman National Corporation Ltd. – the company that owns Cayman National Bank – has now received acceptances for the minimum number of ordinary shares required for the offer to proceed.
In addition to its current holdings, the acceptances will give Republic more than a 75% total share in Cayman National. With proxies from those who accepted the offer, Republic plans to approve a resolution authorising the delisting of the Cayman National Corporation from the Cayman Islands Stock Exchange.
The offer was made through Republic Financial Holdings Limited’s wholly owned subsidiary, Republic Bank Trinidad and Tobago (Barbados) Limited, for a price of US$7.75 cash per share, which represented a premium of about US$0.85 a share on the closing price of Cayman National shares on 14 May, the last trading day before the notice of intention was released.
When the notice of intention was made, Nigel Baptiste, the group president and CEO of Republic, said, “For us, this offer is in keeping with the group’s commitment to regional development and investing in the communities we serve and is a natural evolution in the group’s expansion strategy.”
The offer was conditional on the acceptance to purchase a minimum of 13,035 to a maximum of 10,596,483 ordinary shares, representing 0.03% to 25.02% of the entire issued ordinary share capital of Cayman National Corporation.
“The Offeror is pleased to announce that it has now exceeded the minimum threshold of acceptances, achieving acceptances of 39,300 ordinary shares, representing approximately 0.09 percent of CNC’s issued share capital,” Republic said in a press release issued 6 June.
“Shareholders who have accepted the offer resulting in achieving the minimum threshold have also satisfied the second condition of the offer, that is, appointing [Republic Financial Holdings Limited] as their proxy to vote in favour of the delisting resolution to be presented and voted upon at an extraordinary general meeting of [Cayman National Corporation].
Republic said the only outstanding condition to which the offer remains subject is the approval, at the extraordinary general meeting, of a resolution by shareholders holding at least 75 percent of Cayman National’s ordinary shares.
“The resolution will authorize the delisting of [Cayman National Corporation] from the Cayman Islands Stock Exchange, conditional upon, and effective immediately following, the closing of the offer.”
Prior to the initial offer, Republic owned 74.98% of Cayman National’s issued share capital.
Cayman National shareholders who wish to accept Republic’s offer must do so by 5pm, 29 July 2025.
Cayman National was founded in the Cayman Islands in 1974. The Republic Financial Holdings Group covers retail and commercial banking, wealth management, investment banking and trust services, as well as offshore banking and insurance. It operates in 15 jurisdictions, including Anguilla, Dominica, Ghana, Grenada, Guyana, St. Vincent and the Grenadines and the British Virgin Islands.
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