Sagicor Financial Company Ltd. Amends its Normal Course Issuer Bid to Increase the Number of Shares that may be Repurchased
Sagicor Financial Company Ltd. (“Sagicor”) has received approval from the Toronto Stock Exchange to amend its current normal course issuer bid (“NCIB”) for its common shares (the “Common Shares”) in order to increase the maximum number of Common Shares that may be repurchased from up to 3,000,000 Common Shares, or 2.01% of Sagicor’s 149,161,886 issued and outstanding Common Shares as of June 16, 2020 (the reference date for the NCIB), to 8,000,000 Common Shares, or 8.46% of Sagicor’s public float as of June 16, 2020.
During the period from June 22, 2020 to August 28, 2020, Sagicor purchased and cancelled a total of 2,390,400 Common Shares pursuant to the NCIB, representing 1.60% of the issued and outstanding Common Shares as at June 16, 2020 and 2.53% of the public float as at June 16, 2020. The amendment to the NCIB will be effective on September 9, 2020 and will continue until June 21, 2021 or such earlier date as Sagicor has acquired the maximum number of common shares permitted under the NCIB.
No other terms of the NCIB have been amended and the automatic share purchase plan entered into with a designated broker also remains in place.