CAN$129m ‘profit’ for Alignvest Founders

EIGHT founders of Toronto-based Alignvest Acquisition II Corporation and certain other investors close to the company that proposes to buy out 100 percent of regional insurer Sagicor may receive CAN$129 million in profit as the holders of a special class of shares. At the close of its initial public offering (IPO) in May 2017, Alignvest issued a total of 12,887,500 Class B Shares for an aggregate price of C$25,785 or approximately C$0.002 per Class B Share. Some 86 percent of these shares, a total of 11,112,271 Class B shares, were issued to individuals described as the founders of Alignvest. (Trinidad Express)