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Financial News

Jan 2008 Financial News

NOTICE TO SHAREHOLDERS OF BARBADOS FARMS LIMITED

Jan 14, 2008

77% of Barbados Farms Shares Tendered to Sagicor

Sagicor Financial Corporation is pleased to announce that at the time of the closing of its Offer on January 9, 2008, 15,876,631 shares in Barbados Farms Limited representing 77% of the issued and outstanding shares of Barbados Farms Limited were tendered by 340 Shareholders to Sagicor. This includes shares tendered by entities owned or controlled by Sagicor.

Sagicor is proceeding with the Offer and intends to take up and pay for all Barbados Farms shares validly tendered. The Offer is declared to be unconditional.

Sagicor thanks all Barbados Farms Shareholders for their support and expression of confidence in Sagicor.


Payment of Consideration

The total consideration for Barbados Farms Limited under the Offer is Bds $79,383,155. The cash component of the consideration (being 35% of the total offer price of Bds $5.00 per share) for all shares validly tendered, will be paid and settled in full within 30 days of the closing of the Offer, or by Friday, February 8, 2008.

The remaining consideration of 65% of the total offer price will be satisfied by the issue of 10,319,819 Common Shares in Sagicor Financial Corporation. No fractional shares in Sagicor Financial Corporation will be issued. Barbados Farms Shareholders, who would otherwise have become entitled to receive fractional shares in respect of the number of Barbados Farms shares tendered, will receive a cash payment in lieu of such fractional shares.

After the new Sagicor shares have been issued, registered and listed on the various Stock Exchanges, the Barbados Central Securities Depositary Inc will send statements to Barbados Farms Shareholders evidencing their ownership of shares in Sagicor Financial Corporation.


Barbados Farms Limited

Barbados Farms Limited is a company incorporated and domiciled in Barbados with its registered office at The Auto Dome, Warrens, St Michael, Barbados. The Shares of Barbados Farms are listed and traded on the Barbados Stock Exchange. The property of Barbados Farms is formerly formed part of the assets of Barbados Shipping & Trading Company Limited (BS&T). Barbados Farms Limited was incorporated in Barbados on October 17, 1986 when such assets were spun off into the company. The Shares of Barbados Farms were then distributed pro rata to those persons who at the time were Shareholders of BS&T.

As at June 30, 2007, the value of the gross assets of Barbados Farms were Bds $53,377,111 and the net profit was Bds $1,599,099.

The acquisition of a controlling interest in Barbados Farms by Sagicor will allow the Sagicor Group to participate in an economic activity which is important to the sustainable development of Barbados and will facilitate the orderly transition of non-productive lands into its next viable alternative. It is Sagicor’s intention to collaborate with the Management of the Barbados Farms to bring new and innovative thinking to its business to modernize and transform agricultural production in order to achieve efficiency and improve the operating performance of the company. Non-productive assets will be restructured and re-deployed to deliver value to the company and Barbados. Where feasible, lands not suitable for agriculture will be transitioned in an orderly manner to their next best use, including housing developments through the provision of housing lot and or houses.

There are no service contracts or arrangements at present or proposed between the Directors of Sagicor Financial Corporation and Barbados Farms.

The key Management of Barbados Farms are:

M A Brathwaite – Managing Director
R E Greaves – Manager, Applewaites
R H Johnson – Manager, Buttals
G M Jordan – Manager, Castle
R L A Cozier – Workshop Manager

Welcome to New Sagicor Shareholders

We extend a special welcome to those of you who will become new Shareholders of Sagicor.

Dated this January 11, 2008

Sagicor Financial Corporation

Terrence A Martins
Chairman

Dodridge Miller
Director


Source:
The Daily Express, Page 70
Monday January 14, 2008