TORONTO, June 21, 2019 (GLOBE NEWSWIRE) -- Alignvest Acquisition II Corporation (TSX: AQY.A, AQY.WT) (“AQY” or the “Company”) is reporting its financial results as at March 31, 2019 and for the year ended March 31, 2019. The Company’s audited annual financial statements, along with the accompanying management’s discussion and analysis and the annual information form, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Company’s profile at www.sedar.com or www.alignvestacquisition.com.

On November 27, 2018, the Company announced that it had entered into a definitive arrangement agreement with Sagicor Financial Corporation Limited (“Sagicor”) pursuant to which, among other things, the Company will acquire all of the shares of Sagicor by way of a scheme arrangement pursuant to Section 99 of the Companies Act 1981 of Bermuda (the “Transaction”). The Transaction is intended to constitute the Company’s qualifying acquisition and is consistent with the approach and the objectives outlined at the time of AQY’s initial public offering. The Company and Sagicor believe that the Transaction will unlock significant value for shareholders of both the Company and Sagicor. 

On May 23, 2019, the Company’s shareholders voted to approve the Transaction. On May 28, 2019, the Company announced that it had obtained the final order of the Ontario Superior Court of Justice approving the Transaction. On June 4, 2019, Sagicor’s shareholders voted to approve the scheme of arrangement (the “Scheme of Arrangement”) between Sagicor and its shareholders, which is part of the Transaction. On June 14, 2019, Sagicor received an order from the Supreme Court of Bermuda sanctioning the Scheme of Arrangement pursuant to Section 99 of the Bermuda Act. Closing of the Transaction is expected to occur in the third calendar quarter of 2019 and is subject to customary approvals. There can be no assurance that the Transaction will be completed.

About Alignvest Acquisition II Corporation

Alignvest Acquisition II Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting a qualifying acquisition. AQY’s registered office is located at 100 King Street West, 70th Floor, Suite 7050, Toronto, Ontario, M5X 1C7.

About Alignvest Management Corporation

Alignvest Management Corporation is a leading alternative investment management firm that seeks to deliver superior risk-adjusted returns for its clients, which include pension plans, foundations, and ultra-high net worth family offices, by identifying and exploiting market discontinuities, and by attracting the very best talent to build industry-leading investment platforms. The partners of the firm have a strong combination of investment and operational expertise, having created and managed numerous successful operating businesses, and having built and led large, highly profitable businesses within global financial and consulting firms.

Alignvest Management Corporation was formed in 2011 and has raised equity and investment capital from a number of private family offices and institutions. Alignvest Management Corporation’s founding partners have committed to invest over $230 million of their personal capital into funds managed by Alignvest Management Corporation, on a fully discretionary basis, with the capital subject to full recyclability. Alignvest Management Corporation believes that this long term, discretionary, and aligned pool of capital provides the firm with a strong and differentiated foundation.

Alignvest Management Corporation is headquartered in Toronto, Ontario, with an additional office in London, UK.

Visit Alignvest Management Corporation at www.alignvest.com.

Cautionary Statements

Certain information contained in this news release may be forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always identified by the use of words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “will”, “may” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, the Transaction and the completion of the Transaction.

These forward-looking statements reflect material factors and expectations and assumptions of AQY. AQY’s estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and as such, are subject to change.  No assurance can be given that all closing conditions to the Transaction will be satisfied and that the Transaction will be completed.

Risks and uncertainties not presently known to AQY or that it presently believes are not material could cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by AQY with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) including, without limitation, the management information circular (as amended) and prospectus dated February 7, 2019 filed by AQY relating to the Transactions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect AQY’s expectations only as of the date of this document. AQY disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:
Sanjil Shah
Chief Financial Officer and Partner, Alignvest Management Corporation
Chief Financial Officer, Alignvest Acquisition II Corporation
(416) 360-8248 or sshah@alignvest.com