Scheme of Arrangement

RNS Number : 5654S

Beazley Group PLC

20 May 2009

 



Beazley Group PLC ('Beazley')

Re: Scheme of Arrangement

20 May 2009

Beazley Group plc announces that at a hearing held on Monday 18 May 2009 the High Court approved the Scheme of Arrangement between Beazley and its ordinary shareholders (the 'Scheme') detailed in the circular to shareholders dated 23 March 2009 (the 'Circular'). The Scheme is subject, inter alia, to FSA approval to the acquisition by Beazley plc of the Beazley Group. It is expected that the FSA will make its determination by 4 June 2009.

Accordingly the timetable for completion of the Scheme is as follows:

Scheme Reduction of Capital Court Hearing	8 June 2009
Last day of dealings in, and for registration of transfers of, Beazley Shares	8 June 2009
Scheme Record Time	6.00 p.m. on 8 June 2009
Effective date of Scheme	9 June 2009
Cancellation of listing and admission of New Beazley Shares	8.00 a.m. on 9 June 2009
Jersey Court hearing to sanction New Beazley Reduction	16 June 2009
New Beazley reduction of capital become effective	16 June 2009
Despatch of New Beazley Share certificates for New Beazley Shares in certificated form	23 June 2009

For further information please contact:

BEAZLEY GROUP PLC 020 7667 0623 
Andrew Horton, Chief Executive Officer

NUMIS SECURITIES LIMITED 020 7260 1000 
Oliver Hemsley

Tom Booth 

LEXICON PARTNERS LIMITED 020 7653 6000 
Angus Winther

Nick Chapman 


Notes to editors: 
Capitalised terms used but not defined in this announcement have the meanings given to them in the Circular sent to shareholders on the 23 March 2009. 
 
This announcement does not constitute an invitation or offer to sell or the solicitation of an invitation or offer to buy any security. None of the securities referred to in this announcement shall be sold, issued, exchanged or transferred in any jurisdiction in contravention of applicable laws. 

Numis Securities Limited is acting as sponsor for New Beazley's listing and as joint financial adviser to Beazley and New Beazley. Numis Securities Limited is acting for Beazley and New Beazley and no one else in connection with the Proposals and will not be responsible to anyone other than Beazley and New Beazley for providing the protections afforded to its clients or for providing advice in relation to the Proposals or the contents of this announcement.

Lexicon Partners Limited is acting as joint financial adviser to Beazley and New Beazley. Lexicon Partners Limited is acting for Beazley and New Beazley and no one else in connection with the Proposals and will not be responsible to anyone other than Beazley and New Beazley for providing the protections afforded to its clients or for providing advice in relation to the Proposals or the contents of this announcement. 

Notice to United States residents 

This announcement is not an offer of securities in the United States. 

The New Beazley shares to be issued in connection with the Proposals will not be, and are not required to be, registered with the US Securities and Exchange Commission under the US Securities Act of 1933, as amended, in reliance on the exception from registration provided by Section 3(a)(10) thereof. 

Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks and uncertainties materialise, Beazley's results of operations could be materially affected. 

Note to editors: 

Beazley Group, plc (BEZ.L), is the London-based parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Singapore, Hong Kong and Australia. Beazley manages four Lloyd's syndicates: 

Syndicate 2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. For 2009 Beazley's syndicates share an aggregate underwriting capacity of GBP810m. All Lloyd's syndicates are rated A by A.M. Best. In the US, Beazley's underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company, Inc. is rated A by A.M. Best. 

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business. 

For more information please go to: www.beazley.com 

This information is provided by RNS  

The company news service from the London Stock Exchange 

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