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Financial News

Jan 2008 Financial News

Sagicor appealing to BFL shareholders

Jan 08, 2008

SAGICOR Financial Corporation has made a last appeal to shareholders of Barbados Farms Limited (BFL) to accept its offer of cash and equity.

Describing its offer as an "excellent value" and superior to that now on the table from CLICO Holdings subsidiary CLSS Holdings Limited, the financial services company reminded BFL's 3 000 shareholders they had until 4 a.m. tomorrow to tender their shares to it.

Sagicor is offering cash of $5 per share for 35 per cent of BFL shareholders shareholding, the other 65 per cent exchanged for Sagicor shares which the company values at $5 per share.

CLSS Holdings, on the other hand, has made an all-cash offer of $5.55 and its offer closes on Thursday, one day after Sagicor's. Given this offer, CLICO is prepared to pay out $114.33 million for the BFL stock.

Sagicor announced last Friday that it had control of 7.83 million BFL shares, which represented 38.04 per cent of BFL's 20.6 million issued and outstanding shares.

The company has been able to secure a significant number of shares through "lock-up" agreements with major shareholders. These agreements commit the shareholders to the Sagicor offer.

Sagicor told BFL shareholders in a statement that it was a strong company that had grown its share value from $1.75 in 2003 to $5.20 at the end of 2007. Its assets now stand at $7.2 billion and it operates in 22 countries.

BFL is one of the country's largest land owners, controlling more than 4 100 acres of land.


Source:
The Nation News Barbados
January 8th, 2008

http://www.nationnews.com/story/335175752816707.php