Colfire is a leading motor, property, and general insurer that has operated in Trinidad and Tobago for over 60 years.
BroadSpan advised the court-appointed liquidators (David Holukoff and Hugh Dickson of Grant Thornton) of CL Financial Limited for the sale of 94.24% of the outstanding shares of Colonial Fire & General Insurance Company Limited ("COLFIRE") to Trinidad and Tobago Insurance Limited ("TATIL"), whose ultimate parent is ANSA McAL.
The sale of the COLFIRE shares was overseen by the High Court of Justice of Trinidad and Tobago and as part of the process required a public offer and take-over bid to acquire all the insurance and outstanding ordinary shares. On February 6th, 2023, TATIL initiated the process to take up and pay for 15,357,405 ordinary shares representing 97.5% of the total shareholding.
As shareholders holding more than 90% of the total shares accepted the public offer, TATIL may pursue a compulsory acquisition of the remaining shares pursuant to the provisions of Section 202 of the Companies Act of Trinidad and Tobago.
BroadSpan actively served the court-appointed liquidators in this transaction in order to maximize its value and diminish its risks and guarantees.