16th Nov 2007 07:18
Lancashire Holdings Limited16 November 2007 Lancashire Holdings Limited Hamilton, Bermuda 16 November 2007 Share Repurchase Lancashire Holdings Limited (the "Company") announces today that following themarket close on 15th November 2007 it agreed to purchase for cancellation 5million of its common shares of US$0.50 par value per share (the "Common Shares") at a price of 350 pence per Common Share in an off-market transactionas part of its $100 million share repurchase programme. The total purchase pricewas £17.5 million or approximately $35.8 million. Following cancellation of theshares as a result of the repurchase the issued share capital of the Companywill be 184,897,086 Common Shares. As part of the transaction, the Company has repurchased 3 million Common Sharesfrom Och-Ziff Management, L.P. and affiliated investment funds (together, "Och-Ziff") As a result of the repurchase Och-Ziff will own 15,336,176 CommonShares representing 8.29% of the Company's issued share capital after therepurchased shares are cancelled. The balance, 2 million Common Shares, have been repurchased from other foundingshareholders, none of whom has a notifiable interest in the Company. Richard Brindle, Chief Executive Officer, commented: "We are pleased once again to have completed these transactions with some of ourfounding shareholders. Our existing share repurchase program has approximately$19.1 million remaining and we will consider further opportunities to repurchaseshares at attractive prices, both from founding shareholders and through openmarket transactions." For further information, please contact: Lancashire Holdings Neil McConachie +1 441 278 8960Greg Lunn +1 441 278 8953 Financial Dynamics +44 20 7269 7200 Robert Bailhache About Lancashire Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a globalprovider of specialty insurance products. Its insurance subsidiaries carry theLancashire group rating of A minus (Excellent) from A.M. Best with a stableoutlook. Lancashire has capital in excess of US$1 billion and its common sharestrade on AIM under the ticker symbol LRE. Lancashire is headquartered atMintflower Place, 8 Par-La-Ville Road, Hamilton HM 08, Bermuda. The mailingaddress is Lancashire Holdings Limited, P.O. Box HM 2358, Hamilton HM HX,Bermuda. For more information on Lancashire, visit the Company's website at www.lancashiregroup.com. NOTE REGARDING FORWARD-LOOKING STATEMENTS CERTAIN STATEMENTS MADE IN THIS ANNOUNCEMENT THAT ARE NOT BASED ON CURRENT ORHISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION,STATEMENTS CONTAINING WORDS 'BELIEVES', 'ANTICIPATES', 'PLANS', 'PROJECTS','INTENDS', 'EXPECTS', 'ESTIMATES', 'PREDICTS', 'MAY','WILL', 'SEEKS', 'SHOULD'OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. ALL STATEMENTSOTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION, THOSEREGARDING THE GROUP'S FINANCIAL POSITION, RESULTS OF OPERATIONS, LIQUIDITY,PROSPECTS, GROWTH, BUSINESS STRATEGY, PLANS AND OBJECTIVES OF MANAGEMENT FORFUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES RELATING TO THEGROUP'S INSURANCE BUSINESS) ARE FORWARD-LOOKING STATEMENTS. SUCHFORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES ANDOTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE ORACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS,PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKINGSTATEMENTS. THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THISANNOUNCEMENT OR OTHER INFORMATION CONCERNED. LANCASHIRE HOLDINGS LIMITEDEXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLYWITH ANY LEGAL OR REGULATORY OBLIGATIONS (INCLUDING THE AIM RULES)) TODISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINEDHEREIN TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS WITH REGARD THERETO ORANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT ISBASED. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lancashire Holdings