SFCL Announces Alignvest Acquisition II Corporation’s Additional Subscription with JMMB Group Limited
Sagicor Financial Corporation Limited (“Sagicor”) announced today that Alignvest Acquisition II Corporation (TSX: AQY.A, AQY.WT) (“AQY”) has entered into a subscription agreement (“Subscription Agreement”) with JMMB Group Limited (“JMMB”) in respect of a subscription for AQY Class B shares (which will be converted on the closing of its qualifying acquisition into AQY common shares on a one for one basis). The proposed issuance will be of the greater of: (i) an amount between US$200,000,000 and US$250,000,000 (as determined by AQY and JMMB prior to the closing of AQY’s qualifying acquisition) worth of Class B shares, and (ii) such number of Class B shares which will result in JMMB holding twenty percent (20%) of all issued and outstanding common shares of the Company after giving effect to the qualifying acquisition (the “New Subscription”). The issue price is C$10.00 per Class B share. The proceeds received by AQY from the New Subscription are intended to be used in connection with the previously announced proposed transaction (the “Transaction”) involving AQY and Sagicor. The closing of the New Subscription is conditional on the completion of the Transaction and the approval of the Toronto Stock Exchange.
JMMB is a leading Jamaican broker-dealer with operations in Trinidad and Tobago and the Dominican Republic. They are deeply familiar with the Caribbean financial services market in general, and with Sagicor, in particular. It is expected that JMMB will be a long-term investor in New Sagicor.
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