This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
BF&M Executes Purchase Of Second Tranche Of Shares
The price to be paid by BF&M for this tranche and the third and last one, will be calculated as 10% above the weighted average closing price of the shares of the Company traded on the Bermuda Stock Exchange over the period 180 days immediately prior to the value date. The value date will be seven days prior to the tranche date sale date for which the sale price is to be determined. The price to be used in the calculation of the 31st December 2006 transaction shall be no less than the weighted average closing price for the shares as calculated over the 180 day period preceding 31st January, 2005.
BF&M intends to cancel the 352,279 shares following today's purchase. Initial details of the planned acquisition were announced by BF&M on 31st March 2005 following the execution of the first tranche.
BACKGROUND
BF&M Limited is the holding company of the BF&M Insurance Group. The two largest operating companies within the Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The group includes several other companies including North Atlantic Asset Management Limited, Bermuda International Insurance Services Limited, Marchmont Insurance Company Limited, and BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr's Bay Properties Limited)
For further information contact :-
R. John Wight C.A,, President & Chief Executive Officer
Phone 295 5566, Fax 292 8831, e-mail jwight@bfm.bm