RNS Number : 4156E
Brit Insurance Holdings N.V.
21 December 2009
PRESS RELEASE
21st DECEMBER 2009
Brit Insurance Holdings PLC
Application for listing of Brit Insurance Holdings N.V. ("New Brit") ordinary shares
Brit Insurance Holdings PLC ("Brit") is pleased to announce that New Brit has made an application to the UK Listing Authority and to the London Stock Exchange for 313,950,030 ordinary shares of €1.00 each in the capital of New Brit to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities. Dealings are expected to commence today at 8.00 a.m. (GMT).
The existing designation on trading screens of "BRE" will remain unchanged following the listing of New Brit and New Brit is expected to replace Brit as a member of the FTSE 250 Index.
New Brit Depositary Interests representing New Brit Shares will be credited to CREST accounts in uncertificated form today.
As announced on 18 December 2009, the Scheme between Brit and its Scheme Shareholders was sanctioned by the Court. Under the terms of the Scheme, Scheme Shareholders will receive one New Brit Share for each Brit Share that they held at 6.00 p.m. (GMT) on 18 December 2009.
As a result of the Scheme becoming effective, the rights and obligations of Brit in respect of its 6.625% subordinated notes due 2030 (the "Notes") have become rights and obligations of New Brit as the substituted issuer of the Notes. Brit has become a guarantor of New Brit in respect of such rights and obligations. The rights of the holders of the Notes have otherwise remained unchanged.
New Brit's results for the financial year ended 31 December 2009 will be announced on 26 February 2010.
Capitalised terms used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the circular sent to shareholders on 12 November 2009, to which reference is made for further details.
|
|
Enquiries:
|
|
|
|
|
|
Brit Insurance Holdings PLC
|
|
|
Dane Douetil, Chief Executive Officer
|
020 7984 8500
|
|
Neil Manser, Head of Investor Relations
|
020 7098 6980
|
|
|
|
|
Numis Securities Limited
|
020 7260 1000
|
|
Oliver Hemsley
|
|
|
Stuart Skinner
|
|
|
|
|
|
Lexicon Partners Limited
|
020 7653 6000
|
|
Angus Winther
|
|
|
|
|
|
Haggie Financial
|
020 7417 8989
|
|
David Haggie
|
|
|
Peter Rigby
|
|
|
Juliet Tilley
|
|
This announcement does not constitute an invitation or offer to sell or the solicitation of an invitation or offer to buy any security. None of the securities referred to in this announcement shall be sold, issued, exchanged or transferred in any jurisdiction in contravention of applicable laws.
Numis Securities Limited is acting as sponsor for New Brit's listing and as joint financial adviser to Brit and no one else in connection with the Proposals and will not be responsible to anyone other than Brit for providing the protections afforded to its clients or for providing advice in relation to the Proposals or the contents of this announcement.
Lexicon Partners Limited is acting as joint financial adviser to Brit and no one else in connection with the Proposals and will not be responsible to anyone other than Brit for providing the protections afforded to its clients or for providing advice in relation to the Proposals or the contents of this announcement.
Notice to United States residents
This announcement is not an offer of securities in the United States.
The New Brit shares to be issued in connection with the Proposals will not be, and are not required to be, registered with the US Securities and Exchange Commission under the US Securities Act of 1933, as amended, in reliance on the exception from registration provided by Section 3(a)(10) thereof.
Notes to Editors
The Group's operations comprise three strategic business units: Brit Global Markets, Brit Reinsurance and Brit UK. All three have access to the two regulatory vehicles through which Brit Insurance underwrites: Brit Insurance Limited which is a UK FSA regulated insurance company and Lloyd's syndicate 2987 which is managed by Brit Syndicates Limited. Brit Insurance has UK underwriting offices in London, Reading, Birmingham, Bristol, Glasgow, Leeds, Darlington, Belfast and Manchester.
For more information please go to: www.britinsurance.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCCKFKPPBDDPBD