Jun 2011 Financial News

Sagicor getting up to US$100M boost

Jun 08, 2011

Shareholders of Sagicor Financial Corporation have approved the investment by International Finance Corporation (IFC) of up to US$100 million in the Company at their annual meeting held on June 2 at the Barbados Hilton.

The investment will take the form of US$20 million in Common Shares, and up to US $80 million in Preference Shares.

Shareholders also approved amendments to the Company's Articles of Incorporation and By-Laws to provide for the creation of a new class of Convertible Redeemable Preference Shares.

As a result, prior to IFC's investment, qualifying shareholders will be afforded the opportunity to participate in a rights issue of Common Shares, and a new issue of newly created Convertible Redeemable Preference Shares at the same prices as IFC, Sagicor said in a statement last week.

Stephen McNamara, chairman of the Sagicor Group said, "The approval by shareholders is a tremendous vote of confidence in Sagicor, its direction, its management and its operations."

"This is another important milestone in the history of our company, not only because it is the largest single investment by IFC in the region and the insurance industry, but it positions Sagicor to take advantage of the several opportunities for further growth in the region."

McNamara said that the offer to qualifying shareholders to purchase Common Shares, and the newly-created Convertible Redeemable Preference Shares, would be made this month.

Shareholders will be paying the same price as IFC for these shares.

Shareholders also re-elected retiring directors Andrew Aleong, Sir Hilary Beckles and John Shettle, Jr at the meeting.

Christopher de Caires retired and did not seek re-election after six years in office.


Source:
Trinidad Express
Wednesday June 8, 2011

http://www.trinidadexpress.com/business-magazine/Sagicor_getting_up_to_US_100M_boost-123436379.html