press releases

Toronto, June 17, 2019 – Alignvest Acquisition II Corporation (TSX: AQY.A, AQY.WT) (“AQY” or the “Company”) and Sagicor Financial Corporation Limited (“Sagicor”) are pleased to announce that, out of a maximum available of US$205 million, shareholders of Sagicor have elected to receive an aggregate of approximately US$20 million in cash consideration in connection with AQY’s previously announced proposed qualifying acquisition with Sagicor (the “Transaction”). As a result, the vast majority of Sagicor’s shareholders will be receiving solely share consideration and retaining their full investment in the business. Following completion of the Transaction, it is expected that AQY will retain over US$420 million of cash prior to expenses from its non-redeemed initial public offering proceeds as well as its forward placement proceeds and previously announced additional capital commitments.

The Toronto Stock Exchange has updated its conditional listing approval in respect of the AQY common shares to be issued in connection with the Transaction and issued its conditional approval of the previously announced subscription for Class B shares by JMMB Group Limited (the “JMMB Subscription”). A condition to the Toronto Stock Exchange’s approval of the JMMB Subscription is that AQY obtain approval of the JMMB Subscription by AQY’s shareholders representing a majority of AQY’s shares. AQY intends to obtain such approval by written resolution.

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