Sagicor Financial Corporation has been given the go-ahead by the Bermuda courts to proceed with a special meeting for shareholders to consider a proposed merger with Canadian investment group Alignvest Acquisition II Corporation.
It has also named a former Alignvest executive as its group chief financial officer (CFO).
In a notice published yesterday, Sagicor said approval was granted on February 1 by the Supreme Court of Bermuda, where it is incorporated, to convene the meeting for shareholders to consider, or approve any changes, to the "scheme of arrangement" relating to the "business combination" of Sagicor and Alignvest in a deal worth US$536 million. Last December, Sagicor said the merger would create a new enterprise worth US$900 million, as it assured shareholders and customers the transaction would not affect operations in the Caribbean or the US.
Sagicor has to give 21 days notice of the date for the shareholders meeting and the terms of the proposed merger as set out as of January 31.
Sagicor is due to delist from the Barbados and TT stock markets and list on the Toronto Stock Exchange. The news of the merger, announced last November, coincided with the announcement that Sagicor would acquire Scotiabank’s life insurance operations in Jamaica and in TT, which would fall under the ownership of the new corporate entity.
Also yesterday, Sagicor announced the appointment of a former Alignment executive, Andre Mousseau, as its new group CFO.
Mousseau was previously a partner with Alignvest Private Capital and a director of Edgewood Health Network, a portfolio of Alignvest.
His role as Sagicor group CFO took effect on February 1, the same day of the court approval for the shareholders meeting.
Sagicor said the CFO's post was a strategic role and Mousseau would have oversight for the "planning, implementation and management" for the group. "This includes economic strategy, business planning, budgeting and forecasting, investments, acquisitions and engaging with capital markets," said the company.