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Bermuda National Limited – SGM Result
Hamilton, Bermuda – 07 December, 2012 – Bermuda National Limited (the "Company" or "BNL"; Ticker: BNL.BH) is pleased to announce that at BNL’s Special General Meeting held earlier today, the Private Placing with Utilico Investments Limited (“Utilico”), the acquisition of Utilico’s interest in Ascot Lloyd Holdings Limited and an Amendment to the Bye-laws were unanimously approved.
The Placing Price for the Private Placing is US$14.14 per share, which is equal to Bermuda Commercial Bank Limited’s audited diluted net asset value per share as at 30 September 2012 of US$14.34, less the US$0.20 dividend declared by BNL on 6 December 2012.
Utilico will be issued a total of 1,203,732 common shares and warrants over 240,746 common shares in BNL. Following completion of the Private Placing on 14 December 2012, Utilico’s interest in BNL’s common shares will be 3,918,859 representing approximately 45.01 per cent. of BNL’s issued share capital.
Defined terms in this announcement have the same meaning as in BNL’s Circular to Shareholders dated 16 November 2012.
Media Contacts:
Alasdair Younie
Director
Bermuda National Limited
Tel: 441-295-5678
Email: ay@icm.bm