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Sagicor increases preference shares *

Trinidad Express /  

Bermuda-based Sagicor Financial Corporation, about half of which is owned by T&T investors, according to group chief operating officer Richard Kellman, told the Bermuda Registrar of Companies yesterday in a statement, it will be increasing its number of preference shares and giving the board of directors power to distribute them.

“At the 14th annual general meeting last month, the members (shareholders) of Sagicor Financial Corporation Ltd approved an increase in and amendment to the authorised share capital of the company from US$4,244,941.31 divided into (i) 304,494,131 common shares of par value US$0.01 each; and (ii) 120,000,000 convertible redeemable preference shares of par value US$0.01 to US$9.7 million divided into (x) 650,000,000 common shares; and (y) 320,000,000 preference shares of par value US$0.01 each by the creation of 200,000,000 new preference shares and the re-designation of the 120,000,000 convertible redeemable preference shares as 120,000,000 preference shares, such preference shares to be issued by the board of directors of the company with such relative designation, powers, preferences, rights, qualifications, limitations and restrictions as the board of directors of the company may, from time to time, determine in accordance with bye-law 4.3 of the amended bye-laws as proposed in the notice of the AGM dated May 15,” Sagicor said in a statement yesterday.

 

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