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Lancashire Holdings Ltd – Share Repurchase Programme Update
Hamilton, Bermuda – 13 September, 2010 - Lancashire Holdings Limited (“Lancashire” or “the Company”; Ticker: LHL BH) announces an update to the Company’s Share Repurchase Programme.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
On 5 May, 2010 it was announced that the Company’s shareholders had at the Annual General Meeting (“AGM”) held on 4 May, 2010, approved Lancashire making one or more purchases of its issued Common Shares
Further to the aforementioned announcement, Lancashire today announces that it has entered into an arrangement with Numis Securities Limited (”Numis”) to repurchase Shares on its behalf and within certain pre-set parameters under the Repurchase Programme from 13 September, 2010. Numis has been granted the authority to repurchase shares up to an aggregate value, including costs, of $25 million. The repurchased shares will be cancelled.
The maximum price (exclusive of expenses payable by the Company) which may be paid for a Share shall be the higher of:(i) 5% above the average of the closing middle market quotations for a Share for the 5 business days immediately preceding the day on which the Share is contracted to be purchased; and (ii) the higher of the price of the last independent trade and the highest current independent bid for the Shares on the London Stock Exchange at the time of purchase as stipulated by Article 5(1) of the Commission Regulation (EC) No.2273/2003 of 22 December 2003 implementing the Market Abuse Directive (Directive 2003/6/EC of the European Parliament and of the Council) as regards exemptions for buy-back programmes and stabilisation of financial instruments.
Given the low level of liquidity of the Shares on the London Stock Exchange, the Company's broker has informed the Financial Services Authority and the Company hereby announces that it may purchase more than the threshold of 25% of the average daily volume traded of the Shares over the 20 trading days preceding the date of purchase ("Volume") up to a maximum of 50% of the Volume.
This arrangement is in accordance with Listing Rules 12.2.1R and 12.4 of the Listing Rules and the Company's general authority to repurchase shares.
For further information, please contact:
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Lancashire Holdings |
+ 44 (0)20 7264 4066 |
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Jonny Creagh-Coen or |
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Numis Securities Limited |
+44 (0)20 7260 1000 |
Charles Farquhar or Ben Stoop |
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Haggie Financial |
+44 (0)20 7417 8989 |
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Peter Rigby or Charlotte Ens |
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This announcement does not constitute an invitation or offer to buy any securities of the Company. None of the securities referred to in this announcement shall be sold, issued, exchanged or transferred in any jurisdiction in contravention of applicable laws.
This announcement is not an offer in or into the United States.
About Lancashire
Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a global provider of specialty insurance products. Its insurance subsidiaries carry the Lancashire group rating of A minus (Excellent) from A.M. Best with a positive outlook and an A minus financial strength rating from Standard & Poor’s (“S&P”) with a stable outlook. Lancashire has capital in excess of $1 billion and its Common Shares trade on the main market of the London Stock Exchange under the ticker symbol LRE. Lancashire is headquartered at Power House, 7 Par-la-Ville Road, Hamilton HM 11Bermuda. The mailing address is Lancashire Holdings Limited, P.O. Box HM 2358, Hamilton HM HX, Bermuda. For more information on Lancashire, visit the Company's website at www.lancashiregroup.com