WISE
Securing Your Future Is Our Main Investment
HomeAbout Us Investor Guide Customised Investment Portfolios Market News Investor GuideContact UsToday's Trades

Financial News

JMMB Group Limited - Investment in Alignvest Acquisition II Corporation

Dec 09, 2019

The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from JMMBGL advising that on December 05th, 2019, they acquired 33,213,764 common shares of Sagicor Financial Company Ltd. (Sagicor) upon immediate conversion of 33,213,764 Class B shares of Alignvest Acquisition II Corporation (Alignvest) on a one for one basis. JMMB purchased the Class B shares from Alignvest by way of a private placement of at $10.00 per Class B share for total consideration of CAD$332,137,637.83 (based on a subscription amount of US$250,000,000.00 converted on the date of closing), and thereafter, Sagicor (as the resulting issuer) issued the common shares upon conversation thereof, in connection with Alignvest’s qualifying transaction with Sagicor Financial Corporation Limited by way of a statutory plan of arrangement and the continuance of Alignvest to Bermuda under the name “Sagicor Financial Company Ltd.”

 

Prior to this transaction, JMMBGL did not beneficially own or control any securities of Alignvest or Sagicor. As a result of the transaction, JMMBGL now owns and controls 33,213,764 common shares representing approximately 22.5% of the issued and outstanding common shares of Sagicor.

 

JMMBGL’s acquisition of these shares in Sagicor is for investment purposes. As they previously reported, JMMBGL will have (2) Board seats. Mr. Keith Duncan and Dr. Archibald Campbell have been put forward as directors.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 9th December, 2019


 

More Financial News Stories

All previous articles


< top of page

Home | About Us | Broker/Dealer Services | Market News | Investor Guide | Contact Us

© Copyright 2007-2018 West Indies Stockbrokers Limited. All Rights Reserved. Terms of Use | Privacy Statement