JMMB Group Limited (JMMBGL) has issued the following update to the Company’s advisory dated May 15, 2019:
“JMMB Group Limited (JMMBGL) wishes to advise that on December 5, 2019, it acquired 33,213,764 common shares of Sagicor Financial Company Ltd. (Sagicor) upon the immediate conversion of 33,213,764 Class B shares of Alignvest Acquisition II Corporation (Alignvest) on a one for one basis. JMMB purchased the Class B shares from Alignvest by way of a private placement at $10.00 per Class B share for total consideration of CAD$332,137,637.83 (based on a subscription amount of US$250,000,000.00 converted on the date of closing) and, thereafter, Sagicor (as the resulting issuer) issued the common shares upon conversion thereof, in connection with Alignvest’s qualifying transaction with Sagicor Financial Corporation Limited by way of a statutory plan of arrangement and the continuance of Alignvest to Bermuda under the name “Sagicor Financial Company Ltd.
“Prior to this transaction, JMMBGL did not beneficially own or control any securities of Alignvest or Sagicor. As a result of the transaction, JMMBGL now owns and controls 33,213,764 common shares representing approximately 22.5% of the issued and outstanding common shares of Sagicor.
“JMMBGL acquisition of these shares in Sagicor is for investment purposes. As previously reported, JMMBGL will have two (2) Board seats, Mr. Keith Duncan and Dr. Archibald Campbell have been put forward as directors.”