TORONTO and BARBADOS, June 22,
2023 /CNW/ - Sagicor Financial Company Ltd. (TSX:
SFC) ("Sagicor" or "Company") today announced that the Toronto
Stock Exchange (the "TSX") has accepted Sagicor's notice of
intention to renew its normal course issuer bid ("NCIB") through
which Sagicor may purchase up to 8,840,727 of Sagicor's common
shares (the "NCIB Shares") during the 12-month period commencing
June 24, 2023 and ending June 23, 2024. The number of shares authorized
for purchase represents 10 percent of the public float. Sagicor had
142,564,230 issued and outstanding common shares ("Common Shares")
as of June 14, 2023. Under
the NCIB, purchases may be made on the open market through the
facilities of the TSX and/or alternative Canadian trading systems
at the market price at the time of acquisition, as well as by other
means as may be permitted by TSX rules and applicable securities
laws. However, Sagicor may establish a maximum price and/or maximum
block trade size from time to time.
In connection with the renewal of its NCIB, Sagicor has also
extended the term of its automatic share purchase plan ("ASPP") in
relation to purchases made in connection with the NCIB to allow it
to purchase the NCIB Shares under the NCIB when Sagicor would
ordinarily 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
non-blackout periods to its designated broker, which instructions
may not be varied or suspended during the applicable blackout
period. Purchases by Sagicor's designated broker will be in
accordance with stock exchange rules, applicable securities laws
and the terms of the ASPP, and all purchases made under the ASPP
will be included in computing the number of NCIB Shares purchased
under the NCIB. The ASPP has been pre-cleared by the TSX. Until the
ASPP is in effect, the Company's prior automatic share purchase
plan shall remain in effect.
The actual number of Common Shares that may be purchased under
the NCIB and the timing of any such purchases will be determined by
Sagicor. The average daily trading volume through the facilities of
the TSX during the 26-week period ending May
31, 2023 was 17,145 Common Shares. Daily purchases made by
Sagicor through the TSX may not exceed 4,286 common shares,
representing 25% of the average daily trading volume, other than
block purchase exceptions. Common Shares purchased under the NCIB
will be cancelled. The NCIB is not being made to shareholders
resident in any jurisdiction where it would not be in compliance
with local laws.
Sagicor believes that the underlying value of the Company may
not be accurately reflected at times in the market price of the
Common Shares, and that purchasing its own shares represents an
attractive opportunity that is in the best interests of Sagicor and
its shareholders, as well as providing liquidity for its
shareholders who may wish to dispose of their shares.
The Company's previous NCIB commenced on June 24, 2022 and expired on June 23, 2023 (the "Previous NCIB"). Under the
Previous NCIB, the Company obtained the approval of the TSX to
purchase up to 9,134,417 Common Shares. As at June 14, 2023, the Company had purchased through
the facilities of the TSX and/or alternative Canadian trading
systems an aggregate of 609,240 Common Shares at a weighted average
purchase price of $5.16 per Common
Share, and total cash consideration of $3,141,029.
About Sagicor Financial Company Ltd.
Sagicor Financial
Company Ltd. (TSX: SFC) is a leading financial services provider in
the Caribbean, with over 180 years
of history, and has a growing presence as a provider of life
insurance products in the United
States. On August 25, 2022,
Sagicor announced that it had entered into a definitive agreement
to acquire ivari, a leading middle-market individual life insurer
in Canada with over 80 years of
history in the region. Sagicor offers a wide range of products and
services, including life, health, and general insurance, banking,
pensions, annuities, and real estate. Sagicor's registered office
is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at
Cecil F De Caires Building, Wildey, St.
Michael, Barbados.
Additional information about Sagicor can be obtained by
visiting www.sagicor.com.
Cautionary Statements
Certain
information contained in this news release may be
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", "target", "believe", "foresee", "could", "estimate",
"goal", "intend", "plan", "seek", "will", "may", "would" and
"should" and similar expressions or words suggesting future
outcomes. This news release includes forward-looking information
and statements pertaining to the NCIB and ASPP. In particular,
there can be no assurance as to the number of shares that may be
repurchased. These forward-looking statements reflect material
factors and expectations and assumptions of Sagicor. Sagicor's
estimates, beliefs, assumptions and expectations contained herein
are inherently subject to uncertainties and contingencies regarding
future events and as such, are subject to change. Risks and
uncertainties not presently known to Sagicor or that it presently
believes are not material could cause actual results or events to
differ materially from those expressed in its forward-looking
statements. Additional information on these and other factors that
could affect events and results are included in other documents and
reports that will be filed by Sagicor with applicable securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Readers are cautioned not to place undue
reliance on these forward-looking statements contained herein,
which reflect Sagicor's estimates, beliefs, assumptions and
expectations only as of the date of this document. Sagicor
disclaims any obligation to update or revise any forward-looking
statements contained herein, whether as a result of new
information, new assumptions, future events or otherwise, except as
expressly required by law.
SOURCE Sagicor Financial Company Ltd.