Sagicor Financial Corporation Re-domiciliation Notice (3102D)
28 Enero 2015 - 6:00AM
UK Regulatory
TIDMSFI
RNS Number : 3102D
Sagicor Financial Corporation
28 January 2015
28 January 2015
SAGICOR FINANCIAL CORPORATION
PROPOSED RE-DOMICILIATION
Dear Shareholder:
You may be aware from recent media reports that the Board of
Directors of Sagicor Financial Corporation (SFC), the non operating
holding company for the Sagicor Group, has approved a
recommendation from the Management to prepare a plan to relocate
its Registered Office from Barbados to another jurisdiction.
This recommendation follows recent rating action by Standard and
Poor's (S&P), to downgrade entities within the Sagicor Group.
These downgrades were a direct result of S&P's downgrade on the
Sovereign Credit Rating of Barbados.
Why is Sagicor Financial Corporation Considering
Re-domiciliation?
The Sagicor Group needs to restore its credit rating. Credit
ratings are extremely important to financial services companies.
Credit ratings have achieved wide investor acceptance as tools for
differentiating credit quality. Investors use these ratings as a
measurement to determine the financial status of companies.
Although financially prudent, with strong capitalisation, improving
operating performance and a strong competitive position, Sagicor
Group's ratings will continue to be impacted by changes in the
rating of Barbados. Credit ratings of entities within the Sagicor
Group are currently capped at the maximum two notches above the
Barbados rating as long as it is domiciled in Barbados.
Re-domiciliation of SFC will result in its Registered Office being
relocated from Barbados to a country with an investment grade
rating. This will permit Sagicor Group entities to attract a
stronger rating, resulting in better access to capital to fund
future growth and development, and greater access to strategic
value-creating business opportunities; all of which should redound
to the benefit of our stakeholders.
The country of re-domiciliation is yet to be determined, but
consideration is being given to a number of locations, including,
but not limited to, the U.S., Luxembourg, UK, Ireland and Trinidad
& Tobago. A recommendation will be made only after a rigorous
evaluation process is completed. There are several steps involved
in this process, and subject to shareholder approval, we expect to
have it completed by the end of 2015.
The Sagicor Group of Companies will continue to serve our
customers as we have done for the past 174 years, and remains
committed to its Barbadian community by way of social investment in
the areas of health, education, youth development, sports and
culture.
About Sagicor
Sagicor is a leading provider of financial services in the
Caribbean. Operating in 22 countries, including the USA and Latin
America, Sagicor has total assets in excess of US $5.9 billion, and
over $754 million in capital. The Sagicor Group offers a wide range
of products and services including life insurance, annuities and
group and individual health, and has an insured base in the region
of two (2) million. Sagicor is a widely-held publicly-traded
company with over 37,000 Shareholders, and is listed on the stock
exchanges of Barbados, Trinidad and Tobago and London.
On completion of the re-domicile evaluation process, we will
engage our shareholders on the final recommendation, but should you
have any further questions or comments, please contact us at
info@sagicor.com.
Sincerely
Sagicor Financial Corporation
...........................................
Dodridge D. Miller
President and Chief Executive Officer
This information is provided by RNS
The company news service from the London Stock Exchange
END
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