Based on a release from the Trinidad and Tobago Stock Exhange (TTSE) today (Aug 24, 2011) 120,000,000 convertible redeemable Preference Shares in Sagicor Financial Corporation will be listed on the Stock Exchange on Thursday 25th August, 2011 at a price of US$1.00 trading with the symbol SFCP.
According to Investopedia, Convertible Preferred Stock normally means Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date.
Sagicor describes themselves as being synonymous with world-class financial services, with a vision “To be a great company committed to improving the lives of the people in the communities in which we operate.” They are listed in the Barbados,Trinidad, and London Stock Exchange and operate in over 20 countries. They state that their insurance subsidiaries, Sagicor Life Inc, Sagicor Capital Life and Sagicor Life Jamaica, are rated “A-” (Excellent) by A.M. Best and Company, and Sagicor Life Inc has a financial strength rating of BBB from Standard and Poor’s. Their U.S. subsidiary, Sagicor Life Insurance Company, is rated “A-” (Excellent) by A.M. Best.