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.
Blue Capital Global Reinsurance Fund Limited - Share Buy-Back Engagement
Hamilton, Bermuda: June 23, 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), Blue Capital Global Reinsurance Fund Limited (the "Company" or "BCGR"; BSX Ticker: BCGR.BH) announced a Share Buy-Back Engagement. The filing stated:
Since launch of the Company, the annualised NAV return (adjusted for dividends) to 31 May 2016 has been 8.6 per cent. However, over the past 15 months the Company’s ordinary shares (“Shares”) have been trading at a discount to the reported Net Asset Value ("NAV") per Share. The Board of Directors of the Company (the “Board”) believes the current share price does not adequately reflect the Company’s historic return profile and future prospects. Accordingly, the Board is pleased to announce that it has engaged Jefferies International Limited (“Jefferies”) to effect share buy backs on behalf of the Company (the "Engagement"). Any repurchases pursuant to the Engagement will be accretive to NAV per Share.
Under the Engagement, Jefferies may independently of, and without influence by, the Company, effect on-market purchases of the Company’s ordinary shares (“Shares”) from time to time at its absolute discretion provided that the maximum price payable for a Share on the specialist fund segment of the Main Market of the London Stock Exchange is an amount equal to the higher of:
a. 105 per cent. of the average of the middle market quotations of the Company’s Shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such Share is contracted to be purchased; or
b. the higher of the price of the last independent trade and the highest current bid stipulated by Article 5(1) of the Commission Regulation (No. 2273/2003) of 22 December 2003 implementing the Market Abuse Directive (2003/6/EC) as regards exemptions for buy-back programmes and stabilisation of Financial Instruments (the "Buy-Back and Stabilisation Regulation").
Share buy-backs under the Engagement will conducted in accordance with the authority granted to the Company at its annual general meeting held on 16 May 2016, but the Board advises shareholders there can be no certainty that the Company will acquire any Shares under this Engagement. The Engagement will commence with effect from today and will, unless extended or terminated earlier, end 3 months from the date of this announcement.
A buy-back of Shares pursuant to the Engagement on any trading day may represent a significant proportion of the daily trading volume in the Shares on the Exchange (and could exceed the 25% and 50% limits of the average daily trading volume limits as referred to in the Buy-Back and Stabilisation Regulation).
The Company will announce any market repurchase of Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. Shares bought back under the Engagement will be cancelled.
For further information please contact:
Adam Szakmary,
President and CEO, Blue Capital Management Ltd. +1 441-278-0400
Gary Gould/Alex Collins +44 20 7029 8000
Jefferies International Limited