Revised Laws of Saint Lucia (2021)

208.   Duty of offeree-company

Within 30 days after the offeror sends an offeror's notice under section 203, the offeree-company shall—

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    (a)     issue the offeror a share certificate in respect of the shares that were held by dissenting offerees;

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    (b)     give to each dissenting offeree who—

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      (i)     under section 203(c)(i), elects to accept the take-over bid, and

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      (ii)     sends his or her share certificates as required under section 205,

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    the money or other consideration to which he or she is entitled, disregarding fractional shares, which may be paid for in money; and

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    (c)     send to each dissenting shareholder who has not sent his or her share certificates as required under section 205 a notice stating that—

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      (i)     his or her shares have been cancelled,

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      (ii)     the offeree-company or some designated person holds in trust for him or her the money or other consideration to which he or she is entitled as payment for or in exchange for his or her shares, and

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      (iii)     the offeree-company will, subject to sections 209 to 211, send that money or other consideration to him or her after receiving his or her shares.