12th Jan 2006 07:01
BRIT Insurance Holdings PLC12 January 2006 Press Release 12 January 2006RELEASED 7am NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ORFROM THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, THE REPUBLIC OF IRELANDOR JAPAN Brit Insurance Holdings PLC Tender Offer for all of the 8.5% Unsecured Subordinated Loan Stock 2008 Brit Insurance Holdings PLC ("the Company"), the UK-based international generalinsurer and reinsurer, announces that it is today posting to Stockholders aTender Offer document and Tender Form offering to purchase, by way of tender,all of the Company's outstanding 8.5% Unsecured Subordinated Loan Stock 2008 ("Loan Stock") at 109 pence for every £1 nominal amount of Loan Stock ("theTender Offer"). The price represents a premium of approximately 1.87 per cent.above the Company's Loan Stock mid-market price of 107 pence at the close ofbusiness on 10 January 2006. Loan Stock holders who sell the Loan Stock to theCompany will not be entitled to any further interest payments in respect of suchLoan Stock as the Tender Offer price takes into account all rights to principaland accrued interest. The Tender Offer will close at 11.00 a.m. (London Time) on 3 February 2006 ("theClosing Date"). The result of the Tender Offer will be announced by 8.00 a.m. on6 February 2006, the first business day after the Closing Date, with settlementscheduled to take place by 10 February 2006. The full terms and conditions of the Tender Offer are set out in the TenderOffer document and the Tender Form, on the terms of which alone tenders will beaccepted. Copies of the Tender Offer document and additional Tender Forms may be obtainedon request from Lloyds TSB Registrars (telephone number 0870 6092158, or + 441903 276342 if calling from outside the UK). Matthew Scales, Finance Director said "As indicated at the time of oursuccessful £150 million subordinated bond issue in December 2005, we are nowusing part of the proceeds to finance an offer for our outstanding Loan Stock2008. We are happy with our capital mix of equity and long term debt goingforward." -Ends- Enquiries Dane Douetil/Matthew Scales, Brit Insurance Holdings PLC 020 7984 8500Andrew Dawber/David Shapton, Numis Securities 020 7776 1500David Haggie/Peter Rigby, Haggie Financial 020 7417 8989 Numis Securities Limited ("Numis") is acting exclusively for the Company and noone else in connection with the Tender Offer and will not be responsible toanyone other than the Company for providing protections afforded to clients ofNumis or for giving advice in relation to the Tender Offer. Numis, which is regulated in the United Kingdom by the Financial ServicesAuthority to carry on investment business, has approved the content of thisannouncement solely for the purposes of section 21 of the Financial Services andMarkets Act 2000. The principal place of business of Numis in the UnitedKingdom is Cheapside House, 138 Cheapside, London EC2V 6LH. The Tender Offer is not being made, directly or indirectly, in, into or from orby use of mails or by any means or instrumentality (including, withoutlimitation, facsimile transmission, telex and telephone) of interstate orforeign commerce, or any facility of a national securities exchange, of theUnited States, nor is it being made, directly or indirectly, in, into or fromCanada, Australia, South Africa, the Republic of Ireland or Japan, and theTender Offer cannot be accepted by any such use, means, instrumentality orfacility or from within the United States, Canada, Australia, South African, theRepublic of Ireland or Japan. Copies of the Tender Offer Document and Tender Form are being submitted to theUK Listing Authority and will shortly be available for inspection at the UKListing Authority's Document Viewing Facility, which is situated at: Financial Services Authority25 The North ColonnadeCanary WharfLondon E14 5HS Tel. no. 020 7676 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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