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BSX Is Advised That BF&M Will Acquire All Shares And Options Held By BFMIC In BF&M
Hamilton, Bermuda: April 19, 2006 - John Wight, President & CEO of BF&M Limited, today announced an agreement between BF&M Limited ("BF&M") and The Bermuda Fire & Marine Insurance Company Limited (in liquidation) ("BFMIC") whereby BF&M will acquire all shares currently owned by and all options held by BFMIC in BF&M, on 8th May 2006.
"Existing contractual agreements were in place to purchase for cancellation the 352,038 shares owned by BFMIC in BF&M on 31st December 2006 and to permit BF&M to call any and all of the 550,000 options that BFMIC were entitled to exercise up to 31st December 2006, however both parties agreed to bring forward the conclusion of these agreements to 8th May 2006."
Mr. Wight added that this is very positive news for the Company as it accelerates the timetable for acquiring the shares currently owned in BF&M by BFMIC and options held, from 31st December 2006 to 8th May 2006 and once and for all brings finality to BFMIC's ownership interest in BF&M as a result of the 30th November 1999 agreement between the two parties. "We are delighted to bring this issue to a conclusion on terms that are attractive to the Company. Following our strong 2005 financial results released recently, the signing of this agreement with BFMIC is more positive news for our shareholders."