Sagicor Shareholders Agree To Reorganization. Supreme Court & Companies Office Next

Sagicor is continuing on its path of overhauling its group structure. Its aim is to create a group structure by merging its bank and investment arms. We previously reported on it here. They have now taken the next step in the reorganization by getting shareholder approval on swapping their Sagicor Life shares for shares in what would be the new Sagicor Group.

They made this disclosure to the stock market today.

Sagicor Life Jamaica Limited has advised that a Extraordinary General meeting held on September 3, 2013, to consider and approve the proposed Scheme of Arrangement the stockholders in attendance unanimously voted in favour of the Scheme.

With this approval by the stockholders, the Scheme of Arrangement must now be sanctioned by an Order of the Supreme Court and the Registrar of Companies notified before the Scheme becomes effective.

Once the Scheme is approved, all stock units in Sagicor Life Jamaica Limited will be cancelled and the newly created Holding Company, Sagicor Group Jamaica Limited will issue and allot the ordinary shares of equal value in its capital to the Stockholders of the Company. The Sagcior Group shares will also be converted to ordinary stock units and the Sagicor Life stock units will be delisted from the Jamaica Stock Exchange (JSE) and the Sagicor Group stock units will be listed in their place.