3rd May 2007 10:39
BRIT Insurance Holdings PLC03 May 2007 PRESS RELEASE FOR IMMEDIATE RELEASE 03 May 2007 Brit Insurance Holdings PLC Sale of majority stake in RI3K Limited Brit Insurance Holdings PLC ("Brit Insurance"), the UK-domiciled internationalgeneral insurance and reinsurance group, announces that it has completed thesale of 10,338,000 shares in RI3K Limited ("RI3K", or the "Company"),representing 56 per cent of the Company's fully diluted share capital, to aconsortium of investors comprising Eton Park LLP, Numis Corporation PLC, IPGLInsurance Services Limited and Neil Eckert (the "Consortium"). Brit Insurance isretaining a 19.9 per cent shareholding in the Company based on the fully dilutedshare capital at completion. The cash consideration payable to Brit Insurance upon the sale is £8.3 million.Brit Insurance and the Consortium have subscribed for £5 million of convertiblepreference shares in the Company to satisfy its future funding requirements, ofwhich Brit Insurance has subscribed £1.3 million. In addition, Brit Insurancehas been granted warrants over further ordinary shares in the Company which willbecome exercisable subject to certain valuation criteria. Lexicon Partnersadvised Brit Insurance in relation to the transaction. Brit Insurance CEO Dane Douetil said: "The sale of our majority stake in RI3Kachieves our objective of focusing our business on its core activities.Furthermore, this transaction represents a significant step in the developmentof RI3K. Our continuing interest in the Company is testament to our belief inits successful future." -Ends- Enquiries Dane DouetilBrit Insurance 020 7984 8500 Peter RigbyHaggie Financial 020 7417 8989 Notes to Editors Brit Insurance's underwriting operations comprise, principally, threecustomer-facing centres: UK, London Market and Reinsurance. All three haveaccess to the two regulatory vehicles through which Brit Insurance underwrites:UK insurance company, Brit Insurance Limited and Lloyd's syndicate 2987 which ismanaged by Brit Syndicates Limited. Brit Insurance has UK underwriting officesin London, Reading, Birmingham, Bristol, Glasgow, Leeds, Darlington, Ilford andManchester. www.britinsurance.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BRE.LNUM.L