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REPUBLIC Financial Holdings Ltd (RFHL) has notified Cayman National Corporation Ltd (Cayman National) of plans to make an all-cash conditional offer to purchase its outstanding ordinary shares of the company.

In a media release sent on May 23, TT-based RFHL said the group owns 31,754,248 ordinary shares representing 74.98 per cent ownership of Cayman National. With this offer, the RFHL Group seeks to acquire up to 10,596,483 of the remaining ordinary shares, representing 25.02 per cent of the issued shares of Cayman National, at an offer price of US$7.75 a share.

A quick calculation of the shares indicates that the RFHL is willing to make a payment of US$82,122,743.25 for the remaining shares.