Jun 2007 Financial News

Sagicor to transfer shares to LSE

Jun 21, 2007

AT LEAST three million shares in Sagicor Financial Corporation will be transferred to the London Stock Exchange (LSE) for trading on that market.

That's the word from Dodridge Miller, President and CEO of Sagicor Financia l Corporation, as he brought investors up to date on the company's performance for 2006 and its outlook for this year.

Miller who spoke of improved performance for the company's first quarter and a positive outlook for the remainder of this year t old an investor meeting at the Hilton yesterday that the shares will be transferred next week to the LSE.

The Sagicor CEO said that the company is presently working with those shareholders whose shares will be transferred. He also revealed that th eir existing Caribbean brokers need to be licensed and registered with a broker in the UK to get that done.

But it is entirely up to the investors in the Caribbean as to whether they want to have price discovery by transferring blocks of their sha res to the UK market, according to him. In response to a query from the audience, Miller said there is a strong interest in Sagicor on the LSE.

It was on February this year that Sagicor became the first Caribbean Corporation to be admitted to the LSE. This listing will open up our access to as wide pool of capital and also expose Sagicor to a major element of business opportunities in the international market, said Mr. Miller.

This entry by Sagicor into an international capital marke t is testimony to the efforts by the management, staff and professional advisors involved in the exercise. It is testimony to the companys goal of achieving an international footprint, said CEO. We are very proud of these events, according to Mi ller. Dealing with the first quarter performance, Miller said that Sagicor continues to deliver strong results.

Net income was $32.2 million, compared $26.3 million in the same period last year. In addition, Earnings per share were 7.4 cents up f rom 7.1 cents for the corresponding period in 2006.

These performances met our expectations and we look forward to the remainder of the year with great optimism, he noted.


Source:
Jewel Brathwaite
The Barbados Advocate
Thursday 21st 2007

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