Shareholders Greenlight Sagicor Select’s Transition to Unit Trusts

Sagicor Select Funds Limited has announced that stockholders of both its Class B (Financial Select Fund) and Class C (Manufacturing & Distribution Select Fund) units have approved their respective Schemes of Arrangement at Court-Ordered Meetings held on August 19, 2025.
The meetings, supervised by PricewaterhouseCoopers as scrutineers, recorded strong participation across in-person, proxy, and electronic voting.
For Class B units, a total of 2.179 billion shares were represented, with more than 99.9% (2.177 billion) of votes cast in favour of the resolution. Similarly, for Class C units, 3.1823 billion shares were represented, with over 99.9% (3.1821 billion) approving the scheme and only a minimal number of votes against.
Both outcomes comfortably surpassed the required 75% approval threshold, thereby confirming the passage of the resolutions and clearing the way for the implementation of the Schemes of Arrangement.
Sagicor Select Funds introduced the Scheme of Arrangement to tackle a longstanding issue in its listed equity funds, SELECTF and SELECTMD, consistently traded at steep discounts to their Net Asset Values (NAVs) due to illiquid secondary market dynamics. To restore investor value and offer fairer redemption possibilities, SSFL proposed converting both into registered unit trust structures where a trustee redeems units at NAV.
After board approval in mid-2024, the company pursued the required legal and regulatory steps, including filing with the Supreme Court and FSC.
Upon successful shareholder votes, court sanction, and FSC registration, the funds will transform into Sigma-named unit trusts managed by Sagicor Investments and overseen by JCSD Trustee Services. This strategic shift is intended to bridge the price-NAV gap.
On August 27^th, SELECTF and SELECTMD stock prices closed at $0.43 and $0.84, respectively. These represent significant discounts to NAVs of $0.552 and $1.243, respectively.

(Source: JSE and NCB Research)