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P a g e
TRINIDAD CEMENT LIMITED
SECTION 8: RISK FACTORS
(Continued)
Reliance on key personnel
The Company’s performance is substantially dependent on its senior management and key technical
personnel. The loss of key management personnel could have a material adverse effect on the business and
consequently its financial performance.
The future success of the Company is also dependent on its ability to attract and retain competent
management and personnel. The inability to attract such personnel may adversely affect the business of the
Company.
Stock market conditions
As with all stock market investments, there are risks associated with an investment in the Company. Share
prices may rise or fall and the price of Shares might trade below or above the issue price for the New
Shares. General factors that may affect the market price of the New Shares include without limitation
economic conditions in Trinidad and Tobago, the CARICOM region and internationally, investor
sentiment, local and international share market conditions, changes in interest rates and the rate of inflation,
changes to government regulation, policy or legislation, changes which may occur to the taxation of the
TCL Group companies as a result of changes in Trinidad and Tobago and/ or regional taxation laws and
changes in exchange rates.
Liquidity risk
There can be no guarantee that there will continue to be an active market for the New Shares or that the
price of the New Shares will increase. There may be relatively few buyers or sellers of shares on the TTSE
at any given time. This may affect the volatility of the market price of the shares. This may result in
shareholders receiving a market price for their shares that is less or more than the price paid under the
Offer.
8.2
SPECIFIC INVESTMENT RISKS
The Company’s operating results may vary significantly from one reporting period to another and may
be adversely affected by the cyclical nature of the markets the Company serves.
The relative demand for the Company’s products is a function of the highly cyclical construction industry.
As a result, the Company’s revenue may be adversely affected by declines in its regional markets in the
construction industry generally. The Company’s results also may be materially affected by:
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the level of commercial and residential construction in the Company’s regional markets, including
changes in the demand for new residential housing construction below current or historical levels;
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the availability of funds for public or infrastructure construction from local, state and federal sources;
�
unexpected events that delay or adversely affect the Company’s ability to deliver cement or concrete
meeting to its customers’ requirements;
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changes in interest rates and lending standards;
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changes in the mix of the Company’s customers and business, which result in periodic variations in the
margins of jobs performed during any particular quarter;
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the timing and cost of acquisitions and difficulties or costs encountered when integrating acquisitions
and or restructuring the Company’s operations;
