Sagicor Select Funds has announced that stockholders have given overwhelming approval to its Schemes of Arrangement to convert their listed equity funds into unit trusts.
The stockholders voted at Court-Ordered Meetings held on August 19.
According to results prepared by PricewaterhouseCoopers, which acted as scrutineer, both Class B and Class C stockholders voted strongly in favour of the proposals.
For the Class B ordinary stock units in the Sagicor Financial Select Fund, a total of 2.18 billion shares were represented at the meeting. Of these, more than 2.17 billion shares voted in favour of the resolution, with just over 1.27 million shares voting against. Three ballots were recorded as spoilt.
For the Class C ordinary stock units in the Sagicor Manufacturing and Distribution Select Fund, a total of 3.18 billion shares were represented.
Of this number, 3.18 billion shares supported the resolution, while only 140,941 shares opposed. Two ballots were deemed spoilt.
Under the rules, each Scheme of Arrangement required majority approval by the relevant class of stockholders present, with at least 75 per cent of votes cast in favour.
Sagicor confirmed that both resolutions comfortably met the threshold and were duly passed.
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