Hiscox PLC
15 November 2006
Hiscox plc
Hiscox plc shareholders approve proposed corporate reorganisation
On 23 October 2006, Hiscox plc ('Hiscox') posted a circular to shareholders
setting out details of a corporate reorganisation to introduce a new Bermudian
domiciled holding company for the Group ('Hiscox Ltd') to be implemented by way
of a scheme of arrangement under section 425 of the Companies Act 1985 (the
'Scheme'). A prospectus in relation to the proposed admission to the Official
List and to trading on the London Stock Exchange of the shares in Hiscox Ltd was
also sent to shareholders. Hiscox is pleased to announce that its shareholders
approved the proposed corporate reorganisation at a Court Meeting and
Extraordinary General Meeting held today.
Of the votes cast at the Court Meeting, 99.99% were in favour of the corporate
reorganisation and 0.01% were against. At the Extraordinary General Meeting, the
resolution was passed unanimously by shareholders in attendance, having received
valid proxies representing 98.5% votes in favour and 1.5% votes against the
resolution. Accordingly, the corporate reorganisation has been approved by
shareholders.
Subject to the High Court sanctioning the Scheme on 11 December 2006 and the
Scheme becoming effective, it is expected that the shares in Hiscox Ltd will be
admitted to trading on the London Stock Exchange on 12 December 2006. Hiscox
intends to make an announcement on 12 December 2006 confirming this event and
completion of the corporate reorganisation.
Enquiries:
Hiscox plc
Robert Hiscox Chairman 020 7448 6011
Bronek Masojada Chief Executive 020 7448 6012
Stuart Bridges Finance Director 020 7448 6013
Rebecca Olejnik Corporate Communications 020 7448 6332
Maitland
Suzanne Bartch 020 7379 5151
Notes to editors:
About the Hiscox Group
The Hiscox Group is a specialist insurance group listed on the London Stock
Exchange. The Group operates through six insurance underwriting divisions:
Hiscox Global Markets, Hiscox UK, Hiscox Europe, Hiscox Guernsey, Hiscox USA and
Hiscox Bermuda.
In its unaudited consolidated interim results for the six months to 30 June
2006, the Hiscox Group reported gross premiums written of £625.1 million. As at
30 June 2006, the Group's net asset value was £588.4 million.
Unless the context otherwise appears, terms defined in the Hiscox Scheme
circular dated 23 October 2006 have the same meaning in this announcement.
Securities may not be offered or sold in the United States unless they are
registered under the Securities Act of 1933, as amended (the 'Securities Act')
or are exempt from such registration requirements. The Hiscox Ltd shares have
not been and will not be registered under the Securities Act but will be issued
in reliance on the exemption provided by Section 3(a)(10) thereof. In addition,
the Hiscox Ltd shares have not been and will not be registered under the
securities laws of any state of the United States but will be issued pursuant to
available exemptions from state law registration requirements. Neither the SEC
nor any US state securities commission has reviewed or approved this document,
the Scheme or the Hiscox Ltd shares. Any representation to the contrary is a
criminal offence in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.