Trinidad Cement Ltd (TCL) has applied to the T&T Stock Exchange for an extension of the 90-day time limit for submission of its 2010 financial statements and that of its subsidiary, Readymix (West Indies) Ltd. TCL and Readymix missed the March 31 deadline to submit their 2010 financial results.
In a statement issued on Friday, TCL said that “an extension until April 30th 2011 has been requested in the first instance.” In explaining why the cement producing company missed its deadline, the company said: Commencing with the release of the group’s financial statements for the third quarter 2010, shareholders, investors and other stakeholders have been advised of the debt restructuring being undertaken by the TCL Group.
“In a recent update sent to the Exchange, it was indicated that the review exercise being conducted by the Independent Advisor to the Lenders’ Steering Committee had commenced. “The exercise is expected to take a month following which recommendations for debt restructuring will be submitted for the consideration of the steering committee which comprises lenders representing 75 per cent of the Group’s total debt.”
TCL also said that its Jamaican subsidiary, Caribbean Cement Company Ltd was in negotiations for the implementation of a “major supply contract which will significantly enhance the Company’s and by extension, the Group’s prospects in the near term.” TCL stated that finalisation of the supply contract has relevance to the group’s 2010 audited financial statements.
The Claxton Bay-based company did not explain how a supply contract to be signed and executed in 2011 could be of relevance to its 2010 results. The TCL directors said that the publication of the 2010 financial statements before the completion of the restructuring and the new supply contract would “result in a distorted perspective being given to existing and prospective shareholders about the group’s performance and state of affairs.”