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TTNGL Phoenix Park IPO Fact Sheet: First Citizens

Trinidad and Tobago Natural Gas Liquids Ltd (TTNGL), a subsidiary of the National Gas Company (NGC) and holder of 39% of Phoenix Park Gas Processors Ltd (PPGPL) is right now conducting an initial public offering (IPO) of 19% of profit-making PPGPL. Below is a fact sheet by First Citizens Investment Services.



PPGPL is one of the largest gas processing facilities in Latin America and the Caribbean operating as a major mid-stream player in the Trinidad & Tobago Energy Sector. The company was formed in May 1989 and began production on June 15 1991.

PPGPL’s core business is Natural Gas processing, and the aggregation, fractionating and marketing of Natural Gas Liquids (NGLs), namely, Propane and Butane. PPGPL operates in two business segments:

- Gas Processing and Fractionation
- Storage and Shipping

The main sources of Revenue for PPGPL are derived from :
- The sale, storage and distribution of Liquefied Petroleum Gases or LPGs (Propane, Mixed Butane and Iso-butane) and Natural Gasoline which are the final products from the fractionating of NGLs.
- A fee is charged by PPGPL to Atlantic LNG for the processing of NGLs.

The main markets in which PPGPL operates are :
- Eastern Caribbean
- Central America
- South America
- West Africa.

A contributing factor to PPGPL’s international competitiveness is the low break-even prices that the company enjoys. Additionally, investors should note that PPGPL has operated profitably since it started operations in 1991.

The price PPGPL pays for its gas supply is 50% indexed to the Mont Belvieu price.
PPGPL sells its NGLs indexed to the Mont Belvieu price.

Ownership Structure of PPGPL

PPGPL is owned by:
- NGC NGL (51%),
- Trinidad and Tobago NGL Limited (TTNGL) (39%)
- A consortium comprising The National Insurance Board of Trinidad and Tobago (NIBTT), National Enterprises Limited (NEL), and The Trinidad and Tobago Unit Trust Corporation (UTC) (10%).

The National Gas Company of Trinidad and Tobago, through its subsidiaries control 90% of PPGPL.



The TTNGL IPO.
- Currently, TTNGL comprises: 38,700,000 Class A shares and 116,100,000 Class B shares

- TTNGL, controlling a 39% interest in PPGPL, is set to divest 19% ownership in the gas processing plant to local investors(Held by NGC).

- The IPO would see the sale of 75,852,000 Class B shares (65.3 % of the total Class B shares) of TTNGL Ltd.

- The price of one (1) ordinary Class B share of the TTNGL would be $20.

- Important Dates (subject to variation by the Minister of Finance and the Economy).
+ Commencement date - Monday August 10th, 2015.
+ Final date for lodging applications- Wednesday September 9th, 2015.
+ Expected Listing Date- Monday October 12th, 2015.



TTNGL's Dividend Policy
- TTNGL’s dividend policy would be to distribute cash in excess of operating requirements to shareholders (at the discretion of the Board of Directors).
- TTNGL’s dividend payout percentage shall be equal to a maximum of 99% of Profit Available for Distribution (“PAD”).
- “PAD” shall be calculated as further outlined in the Prospectus.

Subject to other requirements, but not limited to approval from the Board of Directors, TTNGL will endeavor to pay dividends twice per year.
- An interim for the financial year may be paid based on the six months financials results ended June 30th.
- A final dividend may be paid following the approval of the audited financial statements.

Before making any investment decision, potential investors should read the TTNGL Prospectus in its entirety. The prospectus may be found at www.ngl.co.tt.

For investors wanting to open brokerage accounts, please contact First Citizens Investment Services: Wealth Management Department at 622-3247 extensions: 5976, 5981, 6207,6213,3770,and 3773.

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