APO - Frequently Asked Questions

What is the TTNGL APO about?

TTNGL (the Company) was incorporated on September 13th 2013 by NGC, when NGC was issued with 38,700,000 Class A Shares, and 116,100,000 Class B Shares in the Company. In August 2015, 75,852,000 Class B Shares, representing 65% of the total amount of Class B Shares in TTNGL, were offered at the price of $20. The IPO was fully subscribed and the Company began trading on the TTSE on 19th October 2015. The remaining 40,248,000 Class B Shares continued to be held by NGC, along with all of the Class A Shares.

At a meeting of the Board of Directors of TTNGL on May 17, 2017, the Directors approved the additional sale of NGC’s 40,248,000 Class B Shares. These are the shares which are currently being offered under this Additional Public Offering at an offer price of $21 per share. Upon completion of the Offer on June 28, 2017, and assuming a fully-subscribed Offer, public investors will hold 100 percent of Class B Shares of TTNGL. NGC said this shareholding will represent a 75 percent effective ownership interest in TTNGL by individual and institutional investors of T&T, which amounts to 29.25 percent effective ownership interest in PPGPL.

How many shares are being offered in the Additional Public Offering (APO)?

A total of 40,248,000 Class B Shares in TTNGL will be offered for sale by The National Gas Company of Trinidad and Tobago (NGC) at a price of TT$21.00 per share. This represents approximately 26.0% of the issued share capital of Trinidad and Tobago NGL Limited (TTNGL)

Who will qualify to purchase shares?

  • Individual Investors
  • Registered Mutual Funds including the Trinidad and Tobago Unit Trust Corporation
  • Registered pensions and other trust funds, Credit Unions and Cooperatives and National Enterprises Limited
  • The NIBTT and other National Insurance Schemes of other countries
  • Other Companies

How can I subscribe?

To apply for shares in this APO, you must have an open and updated Brokerage Account.

You must also submit the following to one of the Authorised Stockbrokers and Distributors or to any branch of Republic Bank Limited:

  • A Purchase Application Form
  • Requisite documentation as set out in the Purchase Application Form made out to "RSL-NGL APO"

A summary of the contact information of all Authorised Stockbrokers and Distributors for the Offer together with details of the requisite documentation and account opening requirements are available on the TTNGL website in the Additional Public Offering 2017 dropdown menu.

Where can I get the application form?

Application forms are available at any branch of Republic Bank Limited, at Republic Securities Limited and at any of the authorised stockbrokers. They are also available as printable files here.

Who can participate?

Investors can submit applications via brokerage accounts held individually, jointly or in the name of a Company. One application per investor is permitted. Multiple applications may be rejected.

How will the shares be allocated?

Shares will be allocated in accordance with the following allocation formula:

   Allocation  Number of Shares

Individual investors

60%

24,148,800

Registered mutual funds, including the Trinidad and Tobago Unit Trust Corporation

10%

4,024,800

Registered Pension and other trust funds, Credit Unions and Cooperatives and National Enterprises Limited

15%

6,037,200

The National Insurance Board of Trinidad and Tobago and other national insurance schemes of other countries

10%

4,024,800

Other Companies

5%

2,012,400

Total

100%

 40,248,000 

How many shares can I purchase?

You may purchase as many shares as you wish, however, individuals who subscribe for 2,000 shares or less will each be guaranteed their share application, except in the event that the individual category is substantially oversubscribed.

What will happen if the Offer is oversubscribed?

If the Offer is oversubscribed, priority shall be given to investors receiving the allocation applied for up to the limits set out in the Allocation table, detailed in Section 9.6 of the Prospectus, which can also be found here.

For further information on allocations, please see Section 9.6 of the Prospectus.

What are the key distribution dates?

The following key dates with regard to the Offer should be noted:

  1. Commencement date for the Offer 5 June 2017
  2. Final date for lodging applications (or later at the discretion of the Company)28 June 2017
  3. Transfer of proceeds from the sale of the Securities Offered 19 July 2017
  4. Expected transfer date of the Securities Offered to successful purchasers 19 July 2017
  5. Expected electronic transfer of refunds via ACH 19 July 2017
  6. Expected notification of allotment of Securities 26 July 2017

What kind of dividends should I expect?

The Company's dividend policy is to distribute cash in excess of operating requirements to its shareholders.

The Company will endeavour to pay dividends twice per year and may elect from time to time to declare and pay dividends in either United States Dollars or Trinidad and Tobago Dollars. Since being listed on the Trinidad and Tobago Stock Exchange in October 2015, TTNGL has paid dividends totaling $3.00 per share.

What will the ownership structure of TTNGL be after the Offer?

Upon completion of the Offer, assuming that the Offer is fully subscribed, public investors will hold 100.0% of the Class B Shares of TTNGL. Such shareholding represents a 75.0% effective ownership interest in TTNGL, which amounts to a 29.25% effective ownership interest in Phoenix Park Gas Processors Limited (PPGPL).

Where can I get more information on the Offer?

Details of the Offer are contained in the Prospectus which is available: