9th Dec 2005 16:16
Advent Capital (Holdings) PLC09 December 2005 For publication in the United Kingdom only. Not for release , publication, or distribution in or into any other jurisdiction including the United States, Canada, Australia, South Africa, The Republic of Ireland or Japan. 9 December 2005 Advent Capital (Holdings) PLC ("Advent" or the "Company") Posting of Circular and Notice of Extraordinary General Meeting Advent Capital (Holdings) PLC, the specialist Lloyd's insurer, has today posteda circular to shareholders providing notice of an EGM that will be held on 5January 2006. On 25 November 2005 Advent announced that it was raising approximately £29.3million, net of expenses, subject to certain conditions, by way of a Placing. As a result of the Placing, approval will be sought at an EGM on the followingresolutions: • To increase the authorised nominal share capital of the company • To empower the Directors to allot securities for cash in connection with the Placing • To amend the Advent Capital (Holdings) PLC Unapproved Share Option Plan 2005 The EGM will be held at Senator House, 85 Queen Victoria Street, London EC4V 4JLat 3.00 pm on 5 January 2006. In addition to the Placing, and as announced on 29 November 2005, Advent hasagreed a new US$26 million (£15 million) unsecured senior debt issue. The Placing and debt issue have strengthened Advent's financial position andhave enabled the Group to increase its participation at Lloyd's throughSyndicate 780 hence enabling Advent to take advantage of favourable tradingenvironment anticipated in 2006 for the insurance and reinsurance markets inwhich it operates. Advent has taken up £40 million of additional capacity on Syndicate 780 therebyincreasing its overall participation for 2006 from £82 million in 2005 to £122million in 2006, an increase of 49%. Syndicate 780 will operate with anunchanged overall capacity of £153 million for 2006, of which Advent willprovide some 80%. A copy of the circular can be viewed at Advent Capital Holdings registeredoffice; 10th Floor, 1 Minster Court, Mincing Lane, London EC3R 7AA For further information please contact:Advent Capital HoldingsKeith Thompson Tel: 020 7743 8200Chief Operating Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6670Gavin Davis Numis SecuritiesSimon Law Tel: 020 7776 1500Charlie Farquhar Advent Capital (Holdings) PLC, which listed on AIM in June 2005 (raising a totalof £65m), is a leading Lloyd's insurer that manages and participates onSyndicate 780. The Syndicate is predominantly a short tail property reinsuranceand insurance syndicate specialising in catastrophe business. Notes: • Advent manages and participates on Syndicate 780 through Advent Underwriting Limited (a Lloyd's managing agency) and Advent Capital Limited (a corporate member of Lloyd's). • Advent Underwriting Limited, which was formed in 1975, has operated in the Lloyd's market for thirty years. • Syndicate 780 has outperformed the Lloyd's market in 27 of the last 29 closed years of account returning an average profit of 18.5% compared with the Lloyd's average of 1.3%. However, Syndicate 780 is expected to underperform the Lloyd's market for the 2004 and 2005 years of account. • Advent's management is led by Brian Caudle (Executive Chairman and Director of Underwriting) and Keith Thompson (Chief Operating Officer). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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