Sagicor Select Funds Seeks Court Approval for Shareholder Vote on Fund Conversion

• Sagicor Select Funds Limited (SSFunds) has advised that it has filed an application with the Supreme Court of Jamaica on March 17, 2025 seeking an order to convene a meeting of shareholders of the Sagicor Financial Select Fund and the Sagicor Manufacturing and Distribution Select Fund (each “the Fund” and collectively, “the Funds”) to vote on the proposed conversion of the Funds into Unit Trusts pursuant to a court-approved scheme of arrangement.
• The filing of this application follows the Board of SSFunds’ decision on May 8, 2024, to pursue the conversion of the Funds into Unit Trusts registered with the Financial Services Commission (FSC) and governed by the Securities (Collective Investment Scheme) (CIS) Regulations, 2013 (CIS Regulations).
• The proposed conversion seeks to resolve the issue of the SSFunds’ shares consistently trading at a significant discount to their net asset values (NAV) on the Jamaica Stock Exchange (JSE). Simultaneously with the application to the Court, the Company will prepare an application to the Financial Services Commission (“FSC”) to register the two Unit Trusts.
• Should the Court approve the application to convene a meeting of shareholders of each Fund, and the requisite majority of shareholders in each Fund vote in favour of the Resolution to convert the Funds to Unit Trusts, a second Court hearing will be held seeking the sanction of the Court to approve the Scheme. Once the Court grants the Order approving the Scheme and that Order is filed with the Registrar of Companies the Scheme will become effective.
• As at March 19, 2025, Sagicor Select Funds: Manufacturing & Distribution and Financial closed at $0.45 and $0.89, respectively, 21.1% and 27.8% below their respective NAVs.

(Source: JSE)