Sagicor Select Funds Limited (SSFL) will return to court today to have another hearing related to the conversion of its listed equity funds into unit trusts.

Shareholders of the class B (SELECTF) and class C (SELECTMD) shares approved the scheme of arrangement in August 2025. A subsequent court hearing was held on November 19, with the latest hearing, including an action to amend the fixed date claim form before Justice Althea Jarrett.

The Supreme Court must sanction the scheme and issue a court order for the scheme to move forward. Once this approval is received, the court order would be sent to the Financial Services Commission (FSC) requesting that it grant registration on a specified date for each approved unit trust.

On the unit trust registration date, the stock units for the class B and class C redeemable participating voting shares would be cancelled and units in the relevant unit trusts would be issued to shareholders on a one-for-one basis. Trevor Patterson, senior partner at Patterson Mair Hamilton, indicated in August 2025 that the conversion was likely to be completed in the first quarter (January to March) of 2026.

The culmination of the near two-year process will result in non-diversified unit trusts which will be more actively managed by Sagicor Investments Jamaica Limited (SIJL). Investors will also have the opportunity to realise or redeem their investment at the prevailing net asset value (NAV) compared to the market prices on the Jamaica Stock Exchange (JSE).

SelectF’s unaudited NAV was $0.567 for December 31, 2025, a marginal decline compared to the December 2024 figure of $0.589. SelectMD’s unaudited NAV was $1.261 for December 31, 2025, a marginal decline compared to the December 2024 figure of $1.265. The audited financial statements for both funds should be published by March 1.