Sagicor fees to match T&T’s
Sagicor shareholders in Barbados have won a monetary victory one month before the company seeks their approval of its planned US$536 million acquisition by Canadian entity Alignvest.
The regional financier has retreated from a proposal to charge its shareholders here significantly higher brokerage fees compared with shareholders in Trinidad and Tobago.
But while shareholder Mitchie Bell, who raised concerns about the fee disparity, was happy Sagicor intended to lower the fee rates, he said it was time for Barbados shareholders to stop being docile and “take up the matter of fees as well as share prices”.
Based on information published by Sagicor and Alignvest, in the transaction Barbados shareholder fees payable through the Barbados Stock Exchange (BSE) would have reached about $1.6 million, versus the approximately $900 000 previously payable by Trinidad and Tobago shareholders via the Trinidad and Tobago Stock Exchange (TTSE). (SC)
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