Saturday, March 2, 2024

Shareholders oppose fees

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Controversy has broken out over the fees Sagicor wants to charge shareholders to facilitate its proposed US$536 million acquisition by Canadian entity Alignvest.

This comes as the two entities announce a postponement of the meeting, originally scheduled for March 13, at which shareholders would say yes or no to the deal.

Corporate secretary Althea Hazzard said the delay was “to allow Alignvest Acquisition II Corporation and [Sagicor] more time to market the proposed transaction to be considered by shareholders and afford time for investors and shareholders to understand the publicly available information”.

With Sagicor promising to announce a new meeting date “shortly”, the company is being criticised for its documented proposal to charge its Barbados shareholders more than those in Trinidad and Tobago “under the Scheme of Arrangement for the transfer of shares to Alignvest”.

Based on information published by Sagicor and Alignvest, in the transaction, Barbados shareholder fees payable through the Barbados Stock Exchange (BSE) are expected to reach US$800 000, versus the US$450 000 payable by Trinidad and Tobago shareholders via the Trinidad and Tobago Stock Exchange (TTSE). (SC)

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