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(PRESS RELEASE) — On November 27, 2018, Sagicor Financial Corporation Limited (SFC) announced that it had entered into an “Arrangement Agreement” with Alignvest Acquisition II Corporation (Alignvest) which heralds in yet another significant milestone in the long and storied history of our company.
Through this transaction, Sagicor will acquire a listing on the Toronto Stock Exchange, where it will have international exposure, greater access to capital to fund its future growth, and very importantly, be exposed to proper price discovery for its shares, providing an opportunity to unlock fair value for all shareholders.
While this is an important step for Sagicor, it has no impact on any of our operations either in the Caribbean or the United States. Your local executive team will continue to lead the company and your Sagicor policies, contracts, customer service representatives and financial advisors will remain unchanged. This transaction will make our already strong competitive position even stronger, as we continue to focus on our objective of being the “insurer of choice” in the regions where we operate.
Sagicor remains fully committed to the region and having been your financial partner for over 175 years, we are looking forward to continuing this journey with you. The proposed arrangement gives us the ability to explore new opportunities and solutions, which will allow us to provide even greater value to you. We have already begun to demonstrate this ability, through our recently announced, exclusive partnership with Bank of Nova Scotia, which will allow Scotia’s customers in Jamaica and Trinidad & Tobago to access an enhanced suite of Sagicor products.
We appreciate that these announcements and transactions are often complex, and we are committed to providing as much information as possible to inform you of the merits of our decision. Further to the information available on our website, and subject to judicial approval under the Laws of Bermuda, we currently plan to provide Sagicor shareholders with an Explanatory Statement, in the course of February and we anticipate that a shareholders meeting will be convened by the end of March. Subject to shareholder and regulatory approvals, the transaction is expected to close by the second quarter (Q2) of 2019.
As a committed regional business serving the Caribbean proudly for more than 175 years, we will continue to strive for excellence on behalf of all stakeholders and hold steadfast to our vision – “committed to improving the lives of people in the communities in which we operate”.
We look forward to engaging our stakeholders over the coming months and will also continue to share information through traditional media, on our social media pages and at www.sagicor.com. Your feedback is very important to us and we invite you to share your comments and queries at [email protected]
We look forward to leading Sagicor on the next phase of our journey together as we grow from strength to strength.
Sagicor Financial Corporation Limited
President & CEO