Permell challenges Agostini price offer for Prestige shares in High Court

Mi­nor­i­ty share­hold­er ad­vo­cate Pe­ter Per­me­ll has for­mal­ly re­ject­ed Agos­ti­ni Lim­it­ed’s $12.15-per-share ac­qui­si­tion of­fer for his shares in Pres­tige Hold­ings Ltd (PHL), elect­ing in­stead to have their fair val­ue de­ter­mined by the High Court.

Per­me­ll sub­mit­ted a no­tice of elec­tion to Agos­ti­ni on Fri­day (Oc­to­ber 30), ex­er­cis­ing his rights un­der By-Law 26(4)(b) of the Se­cu­ri­ties In­dus­try (Take-Over) By-Laws, 2005. A copy of the no­tice was al­so sent to the Trinidad and To­ba­go Se­cu­ri­ties and Ex­change Com­mis­sion.

His de­ci­sion came just days be­fore to­day’s 4 pm dead­line for ac­cep­tance of Agos­ti­ni’s ac­qui­si­tion of­fer to dis­sent­ing PHL share­hold­ers.