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Pan-Caribbean Financial Services. Ltd. – Merger

PCFS and MIL which is the parent company of Manufacturers Sigma Merchant Bank Ltd. (MSMB), have signed a non-binding Heads of Agreement to merge. The agreement contemplates an exchange of shares whereby PCFS will issue shares to MIL in exchange for MSMB and its subsidiaries. The Agreement is subject to: agreement on the final values of the respective entities; due diligence by both parties; the approval of the relevant regulatory authorities and the Minister of Finance as well as ratification at an Extra-ordinary General Meeting of the shareholders of PCFS to be held later this year.