PRESTIGE Holdings Ltd (PHL) has declared a dividend of 50 cents per share, payable on September 3 to shareholders of record as of the close of business on July 18. The payout is conditional on the successful completion of an acquisition offer by Agostini Ltd.

Agostini Ltd has formally proposed to acquire 100 per cent of PHL’s issued and outstanding shares through a share-for-share exchange. Under the terms of the offer, shareholders of PHL will receive one Agostini share for every 4.8 Prestige shares held. Any fractional shares arising from the exchange will be settled in cash, based on Agostini’s market value at the time of closing.

The proposed acquisition was announced in June in notices posted on the Trinidad and Tobago Stock Exchange (TTSE) website. Agostini, parent company of SuperPharm, Presto, and MPharmacy, is seeking full ownership of Prestige Holdings, which operates 136 restaurants under international brands including KFC, Subway, Pizza Hut, TGI Fridays, and Starbucks. The company employs more than 3,300 staff in Trinidad and Tobago.