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completion of the debt restructuring.Mr.JeanMichel Allard has extensive experience
in the cement industry and his relevant biographical data is provided on page 16 of
this report.
Mr. GeorgeThomas served us well for one year and resigned from the Board effective
31 March 2013. We sincerely thank him for his period of service with the Group and
wish him well in his future endeavours. Under the Intercreditor Agreement, the
Lenders are obliged to nominate a suitable candidate to replace Mr. Thomas. When
the Lenders nominate such a candidate and same is appointed by the Board as a
Director to fill a casual vacancy, such Director will hold office until, and be eligible for
re-election at the next Annual Meeting, in accordance with paragraph 4.4.2 of Bye-
law No. 1.
In addition, the National Insurance Board of Trinidad &Tobago (NIBTT), a substantial
shareholder, has nominated Mr. Keston Nancoo for appointment to the Board
of Directors. Mr. Nancoo’s nomination has been approved by the Board, and his
appointment will be proposed as a matter for shareholder consideration at the
Annual Meeting, in accordance with paragraph 4.4.1 of Bye-law No. 1.
Dr. Leonard Nurse was reappointed to the Board on 3 August, 2012 to fill a casual
vacancy arising from the resignation of Dr. Aleem Mohammed, effective 31 July,
2012. Dr. Nurse was re-elected at the last Annual Meeting. We thank Dr. Mohammed
for his valuable service to the Group during his tenure and wish him all the best in
the future.
The term of office of Mr. Luis Miguel Cantú Pinto expired at the end of the last Annual
Meeting on 12 October, 2012, and he had not offered himself for re-election. We
thank Mr. Cantú Pinto for his service as a Director. CEMEX nominated Mr. Alejandro
Alberto Ramirez Cantu as his replacement. Mr. Ramirez Cantu was elected at the
last Annual Meeting. He has a wealth of international business experience, as seen
on page 16 of this report.
ACKNOWLEDGEMENTS
The year 2012 proved to be quite a challenging one overall; however, improvements
as the year progressed, reflected the resilience of the TCL Group. Through the
injection of US$12M in working capital in June 2012, the Group was able to ‘get back
on its feet’ by executing much needed maintenance jobs at its plants. This allowed
us to reposition ourselves and implement strategies to improve plant operations,
efficiency and productivity. These efforts are already having a significant positive
impact as the Group was able to meet all its debt restructuring milestones and
covenants to date, and reported a profit for Q1 of 2013.
I wish to thank my fellow Directors, the Group CEO, Management, and all Employees
for their dedication to duty in very difficult circumstances and trying times. I also wish
to thank our loyal customers for their support, our shareholders for their patience
and all our stakeholders for their continued understanding.
Andy J. Bhajan
Group Chairman
The Year in Review
Group Chairman’s Report 2012 (continued)
