13th Dec 2005 16:03
AIM13 December 2005 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2 ALL APPLICANTS MUST COMPLETE THE FOLLOWING: COMPANY NAME: Lancashire Holdings Limited COMPANY ADDRESS: Clarendon House, 2 Church Street, Hamilton COMPANY POSTCODE: HM11 COUNTRY OF INCORPORATION: Bermuda COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITSINVESTMENT STRATEGY TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J)OF THE AIM RULES: The Group has been newly established to take advantage of what the Directorsexpect to be favourable underwriting conditions arising from anticipated marketdislocation in specific classes of insurance business where substantial losseshave resulted from hurricanes in 2004 and 2005. The Group will aim to create abalanced and diversified portfolio of insurance, reinsurance and retrocessionbusiness. The Group's expected underwriting strategy can be characterised ashaving exposure to low frequency, high severity losses, with an emphasis onretrocession, marine and energy and property classes. The Directors expect thatthe Group will commence underwriting with effect from 1 January 2006 in theseclasses on a worldwide basis (subject to compliance with local regulatoryrequirements). DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares,nominal value and issue price to which it seeks admission and the number andtype to be held as treasury shares): Up to 195,713,902 Common Shares of US$0.50 each at a price of 284 pence perCommon Share CAPITAL TO BE RAISED ON ADMISSION: Up to £556 million FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS: Robert Alan Spass (Non-Executive Chairman)Richard David Henry Brindle (Chief Executive Officer and Chief Underwriting Officer)Neil William McConachie (Chief Financial Officer and Chief Operating Officer)Colin Michael Alexander (Non-Executive Director)Ralf Siegfried Oelssner (Non-Executive Director)William Larry Spiegel (Non-Executive Director)Barry Stuart Volpert (Non-Executive Director) PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL BEFORE AND AFTER ADMISSION: Pre-admission Richard Brindle 3.125%Capital Z Lancashire Partners, L.P. 24.219%Moore Global Fixed Income Fund (Master) Ltd. 12.1095%Moore Macro Fund, L.P. 12.1095% OZ Europe Master Fund, Ltd 8.186%OZ Master Fund, Ltd. 16.033%SAB Capital Partners, L.P. 11.756%SAB Capital Partners II, L.P. 0.218%SAB Overseas Master Fund, L.P. 12.245% Post-admission Caisse de Depot et Placement du Quebec 9.7109%Capital Z Lancashire Partners, L.P. 9.7042%Crestview Capital Partners, L.P. 5.1862%Cypress Lancashire, L.P. 5.3398%Moore Global Fixed Income Fund (Master) Ltd. 4.9500%Moore Macro Fund, L.P. 4.9500%OZ Europe Master Fund, Ltd. 3.3462%OZ Master Fund, Ltd. 6.5538%AB Capital Partners, L.P. 3.4373%SAB Overseas Master Fund, L.P. 3.5184% NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: None ANTICIPATED ACCOUNTING REFERENCE DATE: 31 December EXPECTED ADMISSION DATE: 16 December 2005 NAME AND ADDRESS OF NOMINATED ADVISER: Merrill Lynch International, Merrill Lynch Financial Centre, 2 King Edward Street, London, EC1A 1HQ NAME AND ADDRESS OF BROKER: Merrill Lynch International, Merrill Lynch Financial Centre, 2 King Edward Street, London, EC1A 1HQ DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: Copies of the document will be available from Lancashire Holdings Limited,Clarendon House, 2 Church Street, Hamilton HM11 Bermuda and Merrill LynchInternational, Merrill Lynch Financial Centre, 2 King Edward Street, London,EC1A 1HQ. The admission document contains full details about the applicant andadmission of its securities. DATE OF NOTIFICATION: 13 December 2005 Stabilisation/FSA NEW/ UPDATE (see note): Update QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH THE APPLICANT'S SECURITIES HAVEBEEN TRADED: THE DATE FROM WHICH THE APPLICANT'S SECURITIES HAVE BEEN SO TRADED: CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL ENQUIRY, THE APPLICANT HAS ADHEREDTO ANY LEGAL AND REGULATORY REQUIREMENTS INVOLVED IN HAVING ITS SECURITIESTRADED UPON SUCH A MARKET: AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS OR ANNOUNCEMENTS WHICH THEAPPLICANT HAS MADE PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE OF HAVING ITSSECURITIES SO TRADED) ARE AVAILABLE: DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE CASEOF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY: A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION OF THEAPPLICANT, WHICH HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL PERIOD FORWHICH AUDITED STATEMENTS HAVE BEEN PUBLISHED: A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON TO BELIEVE THATTHE WORKING CAPITAL AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT FOR ATLEAST TWELVE MONTHS FROM THE DATE OF ITS ADMISSION: DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES: A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR SETTLING THE APPLICANT'S SECURITIES: A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING TO THE APPLICANT'S SECURITIES: INFORMATION EQUIVALENT TO THAT REQUIRED FOR AN ADMISSION DOCUMENT WHICH IS NOTCURRENTLY PUBLIC: A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S LATEST ANNUAL REPORT ANDACCOUNTS WHICH MUST HAVE A FINANCIAL YEAR END NOT MORE THEN NINE MONTHS PRIOR TOADMISSION AND FULLY AUDITED INTERIM RESULTS WHERE APPLICABLE. THE ACCOUNTS MUSTBE PREPARED ACCORDING TO UK OR US GAAP OR INTERNATIONAL ACCOUNTING STANDARDS: THE NUMBER OF EACH CLASS OF SECURITIES HELD IN TREASURY: This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lancashire Holdings