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United Kingdom

Alignvest Acquisition, Sagicor Announce Cash Consideration Election Results


Tuesday, 18 Jun 2019 

June 17 (Reuters) - Sagicor Financial Corp ::ALIGNVEST ACQUISITION II CORPORATION AND SAGICOR FINANCIAL CORPORATION LIMITED ANNOUNCE CASH CONSIDERATION ELECTION RESULTS, UPDATED TSX CONDITIONAL APPROVAL AND BERMUDA COURT APPROVAL.OUT OF MAXIMUM OF US$205 MILLION, CO'S SHAREHOLDERS HAVE ELECTED TO RECEIVE AGGREGATE OF ABOUT US$20 MILLION IN CASH CONSIDERATION FOR AQY'S DEAL WITH CO.VAST MAJORITY OF SAGICOR'S SHAREHOLDERS WILL BE RECEIVING SOLELY SHARE CONSIDERATION AND RETAINING THEIR FULL INVESTMENT IN BUSINESS.FOLLOWING COMPLETION OF TRANSACTION, IT IS EXPECTED THAT AQY WILL RETAIN OVER US$420 MILLION OF CASH PRIOR TO EXPENSES.HAS OBTAINED APPROVAL OF SUPREME COURT OF BERMUDA FOR BERMUDA SCHEME OF ARRANGEMENT FORMING PART OF TRANSACTION.TRANSACTION AND JMMB SUBSCRIPTION ARE EXPECTED TO BE COMPLETED IN Q3 2019. 

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