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LANCASHIRE HOLDINGS LIMITED - Transaction in Own Shares During Close Period
Hamilton, Bermuda – 03 October, 2014 – Lancashire Holdings Limited (“Lancashire” or “the Company” or the “Group”; Ticker: LHL.BH) advises that on 01 May, 2014, it was announced that the Company’s shareholders had, at the Annual General Meeting held on 30 April, 2014 (the “AGM”), granted authority to the Company to make one or more purchases of its issued Common Shares (“Shares’) up to a maximum number of 18,544,580 Shares (representing approximately 10% of the issued share capital of the Company as at the date of the notice of the AGM). Since the AGM, the Company has repurchased 849,831 of its Shares under a repurchase programme approved by its board of directors and pursuant to an arrangement with Numis Securities Limited (“Numis”) to repurchase Shares on its behalf within certain parameters. The Shares purchased are currently held as Treasury shares, which the Company expects to use in the future towards satisfying its obligations under both its Restricted Share Scheme (“RSS”) awards and the Company’s warrants.
Today, the Company announces that, as the Company will shortly be entering a close period, in connection with the above share buy-back programme the Company has entered into an irrevocable arrangement with Numis to repurchase on its behalf and within certain pre-set parameters, Shares from 6 October 2014 until the earlier of the completion of the repurchase programme or the Company’s announcement of its results for the third quarter ending on 30 September 2014 which is scheduled for release on 5 November 2014.
Numis has been granted the authority to repurchase shares up to an aggregate value, including Shares already repurchased and costs, of $25 million.
This arrangement is in accordance with U.K. Listing Rules 12.2.1R and 12.4.4R of the Listing Rules and the Company’s general authority to repurchase shares.
The Company confirms that it currently has no unpublished price sensitive information.
For further information, please contact:
Lancashire Holdings Limited
Christopher Head +44 20 7264 4145
chris.head@lancashiregroup.com
Jonny Creagh-Coen +44 20 7264 4066
Numis Securities Limited +44 20 7260 1000
Charles Farquhar
Haggie Partners +44 20 7562 4444
Peter Rigby (Peter Rigby mobile +44 7803851426)
About Lancashire
Lancashire, through its UK and Bermuda-based operating subsidiaries, is a global provider of specialty insurance and reinsurance products.
Lancashire has capital in excess of $1.5 billion and its common shares trade on the premium segment of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its corporate headquarters and mailing address at Level 11, Vitro, 60 Fenchurch Street, London EC3M 4AD, United Kingdom and its registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.