TORONTO and BARBADOS, June 22,
2021 /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 9,131,133 of Sagicor's
common shares (the "NCIB Shares") during the 12-month
period commencing June 24, 2021 and ending June 23, 2022.
The number of shares authorized for purchase represents 10 percent
of the public float. Sagicor had 145,654,793 issued and outstanding
common shares ("Common Shares") as of June 16, 2021. 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.
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 June 16, 2021 was 8,574 Common Shares. Daily
purchases made by Sagicor through the TSX may not exceed 2,143
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 22, 2020 and expired on June 21, 2021 (the "Previous
NCIB"). Under the Previous NCIB, the Company obtained the
approval of the TSX to purchase up to 8,000,000 Common Shares. As
at June 16, 2021, the Company had
purchased through the facilities of the TSX and/or alternative
Canadian trading systems an aggregate of 4,424,621 Common
Shares at a weighted average purchase price of $6.05 per Common Share, and total cash
consideration of $26,768,757.
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. 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", "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 and assumptions 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,
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.
SOURCE Sagicor Financial Company Ltd.