Brief: Alignvest Acquisition, Sagicor Announce Cash Consideration Election Results

Sagicor Financial

18/06/2019 24:31

June 17 (Reuters) - Sagicor Financial Corp  SAFI.L :
    * 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

Source text for Eikon:  ID:nGNXTPGtn 
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