Sagicor Financial Company Ltd. renews its normal course issuer bid
TORONTO and BARBADOS, June 22, 2022 /CNW/ – Sagicor Financial Company Ltd. (TSX: SFC) (“Sagicor” or the “Company”) today announced that the Toronto Stock Exchange (the “TSX“) has accepted Sagicor’s notice of intention to renew its normal course issuer bid (“ORCN“) whereby Sagicor may purchase up to 9,134,417 common shares of Sagicor (the “ORCN Shares“) during the 12-month period beginning June 24, 2022 and ending June 23, 2023. The number of shares authorized for purchase represents 10% of the public float. Sagicor had 142,672,643 common shares issued and in traffic (“Ordinary actions“) starting the June 14, 2022. Pursuant to the issuer bid, purchases may be made in the open market through the facilities of the TSX and/or other Canadian trading systems at the market price at the time of acquisition, as well as only by other means permitted by the rules of the TSX and applicable securities laws. However, Sagicor may establish a maximum price and/or maximum block transaction size from time to time.
As part of the renewal of its takeover bid, Sagicor also extended the duration of its automatic share purchase plan (“ASPP“) in respect of purchases made under the OPRCN to enable it to purchase the shares of the OPRCN under the OPRCA where Sagicor would normally not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods Pursuant to the ASPP, Sagicor will provide instructions during the blackout periods to its Designated Broker, which instructions may not be modified or suspended during the applicable blackout period .Purchases by Sagicor’s Designated Broker will be in accordance with the rules of the exchange, applicable securities laws and the terms of the ASPP, and all purchases made under the ASPP will be included in the calculation of the number of OPRCA shares purchased under the OPRA The ASPP was pre-cleared by the TSX Until the ASPP becomes effective, the prior automatic stock purchase plan of the company will remain in effect.
The actual number of common shares that may be purchased under the issuer bid and the timing of such purchases will be determined by Sagicor. The average daily trading volume through the facilities of the TSX during the 26 week period ending June 14, 2022 was 4,499 common shares. Daily purchases made by Sagicor through the TSX may not exceed 1,124 common shares, representing 25% of average daily trading volume, with block purchase exceptions. The common shares purchased pursuant to the issuer bid will be cancelled. The tender offer is not intended for shareholders residing in a jurisdiction where it would not comply with local laws.
Sagicor believes that the underlying value of the Company may at times not be accurately reflected in the market price of common stock, and that the purchase of its own shares represents an attractive opportunity that is in the best interests of Sagicor and of its shareholders, as well as providing liquidity to its shareholders who wish to sell their shares.
The Company’s previous OPRCNA commenced on June 24, 2021 and expired on June 23, 2022 (there “Previous ORCN“). Under the previous issuer bid, the Company obtained approval from the TSX to purchase up to 9,131,133 common shares. June 14, 2022the Company had purchased through the facilities of the TSX and/or other Canadian trading systems an aggregate of 3,557,400 common shares at a weighted average purchase price of $6.28 per common share and an aggregate cash consideration of $22,350,486.
About Sagicor Financial Company Ltd.
Sagicor Financial Company Ltd. (TSX: SFC) is a leading provider of financial services in the Caribbeanwith over 180 years of history, and has a growing presence as a provider of life insurance products in United States. Sagicor offers a wide range of products and services, including life, health and casualty insurance, banking, pensions, annuities and real estate. Sagicor’s head office is located at Clarendon House, 2 Church Street, hamiltonHM 11, Bermudawhose principal office is located at the Cecil F De Caires Building, Wildey, Saint Michel, Barbados. Additional information about Sagicor can be obtained by visiting www.sagicor.com.
Some information contained in this press release may constitute forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “believe”, “anticipate”, “could”, “estimate”, “target”, “intend”, “plan”, “seek”, “will”, “may”, “would” and “should” and similar expressions or words suggesting future results. This press release contains forward-looking information and statements relating to the OPRCA and the ASPP. In particular, no assurance can be given as to the number of shares likely to be repurchased. These forward-looking statements reflect Sagicor’s material factors, expectations and assumptions. Sagicor’s estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and as such are subject to change. Risks and uncertainties not currently known to Sagicor or that Sagicor currently believes are not material could cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information about these and other factors that could affect events and results is included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be viewed through the SEDAR website. (www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Sagicor’s expectations only as of the date of this document. Sagicor disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
SOURCESagicor Financial Company Ltd.
For further information: Media, Ingrid Card, Vice President, Group Marketing, Communications & Brand Experience, Tel. : 246-230-5315, [email protected]; Investors, George Sipsis, SVP, Corporate Development and Capital Markets, Tel: 1-800-342-0719 or 1-813-287-1602 x6255,[email protected], [email protected]