Toronto, Ontario--(Newsfile Corp. - December 5, 2019) - JMMB Group Limited (JMMB) announces that on December 5, 2019, it acquired 33,213,764 common shares of Sagicor Financial Company Ltd. (Sagicor) upon the immediate conversion of 33,213,764 Class B shares of Alignvest Acquisition II Corporation (Alignvest) on a one for one basis. JMMB purchased the Class B shares from Alignvest by way of a private placement at $10.00 per Class B share for total consideration of $332,137,638.00 (based on a subscription amount of US$250,000,000.00 converted on the date of closing) and, thereafter, Sagicor (as the resulting issuer) issued the common shares upon conversion thereof, in connection with Alignvest's qualifying transaction with Sagicor Financial Corporation Limited by way of a statutory plan of arrangement and the continuance of Alignvest to Bermuda under the name "Sagicor Financial Company Ltd."
Prior to this transaction, JMMB did not beneficially own or control any securities of Alignvest or Sagicor. As a result of the transaction, JMMB now owns and controls 33,213,764 common shares representing approximately 22.5% of the issued and outstanding common shares of Sagicor.
JMMB acquired the common shares of Sagicor in connection with the plan of arrangement for investment purposes. JMMB has a long-term view of the investment and may acquire additional securities of Sagicor including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Sagicor is located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. A copy of the early warning report with respect to the foregoing will appear on the Sagicor's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by contacting Carolyn Dacosta, Group Chief Compliance Officer & Corporate Secretary at +1 (876) 998-5662 or JMMB Group Limited, 6 Haughton Terrace, Kingston 10, Jamaica W.I. JMMB is a company incorporated under the laws of Jamaica and is a holding company for companies in the financial services business.
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