19th Jun 2006 07:01
Lancashire Holdings Limited19 June 2006 Lancashire Holdings Limited - lifting of lock-up restriction, transfers ofownership, notification of major interests in shares Hamilton, Bermuda - (June 19, 2006) - Lancashire Holdings Limited (the "Company") today announced that, following the lifting of certain lock-uprestrictions on 16 June 2006, it received a request from Capital Z LancashirePartners, L.P., to distribute to its beneficial owners Lancashire HoldingsLimited Common Shares of US$0.50 each (the "Common Shares") held by thepartnership. Capital Z Lancashire Partners, L.P. is a private equity fund thatwas established specifically for the purpose of investing in the Company. The requested transfers were routine distributions to the beneficial owners ofCapital Z Lancashire Partners, L.P. as a result of the termination of thelock-up restrictions and are not changes in beneficial ownership. The lock-up commenced when Capital Z Lancashire Partners, L.P. together withcertain other subscribers to the Common Shares, undertook not to dispose of anyinterests in any of their Common Shares for a period of six months following theadmission of Lancashire Holdings Limited to trading on AIM on 16th December2005. As a result of the transfers Capital Z Lancashire Partners L.P. no longer has adisclosable interest in the issued Common Shares of the Company either under theCompany's bye-laws or the AIM Rules. The transfers took place on 16th June2006, the date that the Company received the request for transfers. As a result of the transfers Caisse de depot et placement du Quebec, ashareholder having a major interest in shares, and a partner in Capital ZLancashire Partners L.P. has increased its direct ownership of Common Shares by4,633,350 (representing 2.37% of the issued Common Shares) from 17,986,000 to22,619,350 (representing 11.56% of the issued Common Shares). For further information, please contact: Lancashire Holdings +1 441 278 8950 Neil McConachie Greg Lunn Financial Dynamics Robert Bailhache +44 20 7269 7200 www.lancashire.bm About Lancashire Lancashire was established in 2005 as a new insurance and reinsurance businessto take advantage of the favourable underwriting conditions expected to arisefrom the large insured losses incurred in 2004 and 2005. The Company has anA.M. Best rating of A- (Excellent) with a stable outlook. Lancashire was admitted to AIM on 16 December 2005 following an Offer of CommonShares to investors. The Common Shares trade on AIM under the ticker symbolLRE. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lancashire Holdings