24th Dec 2007 07:00
Brit Insurance Holdings PLC24 December 2007 24 December 2007For immediate release Brit Insurance Holdings PLC Share buy-back Brit Insurance Holdings PLC ("the Company"), the UK-domiciled internationalgeneral insurance and reinsurance group, announces that in accordance withparagraph 12.4.6R of the Listing Rules and paragraph 5.5.1R of the Disclosureand Transparency Rules the Company has today purchased 600,000 Ordinary Sharesof 75 pence each at an average price of 226.83 pence per share using theauthority given by shareholders at its AGM held on 24 April 2007. In light ofthe current share price, the Board believes that the buy-back represents ahighly attractive investment opportunity and will enhance returns toshareholders. All the purchased shares will be held as Treasury shares. The Company's employee benefit trust has already purchased 2,175,381 sharessince 14 December 2007 in three tranches for £5.1m at an average cost of 232.81pence. Following the above purchase, the Company holds 14,901,412 Ordinary Shares inTreasury. The number of Ordinary Shares purchased represents 4.52% of the votingrights attributable to the total Ordinary Shares in issue prior to suchpurchases. The Company has 314,878,681 Ordinary Shares in issue (excluding Treasuryshares). The above figure may be used by shareholders as the denominator for thecalculations by which they will determine if they are required to notify theirinterest in, or a change to their interest in, the Company under the Disclosureand Transparency Rules. EnquiriesDane Douetil, Brit Insurance Holdings PLC 020 7984 8500David Haggie/Peter Rigby, Haggie Financial 020 7417 8989 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BRE.L