Sagicor is cautioning its shareholders in Barbados and elsewhere about a mini-tender offer New York Stock and Bond LLC has made to buy up to 100 000 of the group’s common shares for about US$430 000.
“Sagicor is in no way associated with New York Stock and Bond and does not recommend or endorse acceptance of this unsolicited offer,” Sagicor Financial Company Limited advised in a release last week.
The group, which has its beginnings in Barbados and whose stock is now listed exclusively on the Toronto Stock Exchange (TSX) in Canada, said it was notified of an unsolicited mini-tender offer made by New York Stock and Bond “to purchase up to 100 000 Sagicor common shares, or less than 0.075 per cent of the common shares outstanding, at a price of US$4.30 per common share”.
“The unsolicited offer represents a discount of approximately 23.98 per cent below the closing price of Sagicor’s common shares on the TSX on February 13, 2025, the last trading day before the mini-tender offer was commenced, and a discount of approximately 14.17 per cent to the closing price of Sagicor’s common shares on the TSX on March 7, 2025,” Sagicor said.
Serious concerns
“The common shares do not trade on a recognised stock exchange in the United States (US).”
The group told shareholders that mini-tender offers “are designed to seek less than five per cent of a company’s outstanding shares, avoiding disclosure
and procedural requirements applicable to most bids under Canadian and US securities regulations”.
It reminded that securities regulators “have expressed serious concerns about mini-tender offers”.
Sagicor advised shareholders to “carefully review the New York Stock and Bond offer documents and current market price for Sagicor common shares and consult their investment advisors regarding any offer they may receive and review with their advisors all options for their investment in Sagicor common shares”.
The group added: “According to New York Stock and Bond’s offer documents, Sagicor shareholders who have already tendered their common shares can withdraw their shares no more than 14 days after the date of delivery of their tender form to the depositary by following the procedure described in the offer documents.” (SC)
