Sagicor Investments raises $4.1b for Barita Investments

Sunday, April 14, 2019

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SAGICOR Investments has raised $4.065 billion for Barita Investments Limited (BIL) following the closing a non-renounceable rights issue by the company.

The brokerage house acted as arranger and broker for the transaction which allowed existing BIL shareholders an opportunity to purchase an additional 262,280,484 ordinary shares in the company. The shares being allotted allowed shareholders access to 10 additional shares for every 17 shares owned.

Each new share was offered at cost of $15.50. Stockholders were also invited to purchase shares from the excess pool, which had a total of 45,911,296 shares for offering.

The excess pool amount was oversubscribed when an additional 15,845,674 shares were applied for.

“Sagicor Investments is pleased to have been able to lead and conduct this transaction on behalf of long-time clients, Barita Investments. The overwhelming request for excess shares speaks to the confidence the shareholders have in the company's vision and strategies,” Mischa McLeod-Hines, assistant vice President – Capital Markets, Sagicor Investments said.

“We were happy to have been a part of a transaction which gave shareholders the ability to increase their equity holding within the company,” she added.

The invitation to the rights issue was opened on February 25, 2019, with the splitting date being March 11, 2019. The transaction was set to close on March 18, 2019, with an excess pool closing date of March 25, 2019.

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