Rns...1 Dec 2011 07:58
01 December 2011
Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
1 December 2011
PARTIAL CASH OFFER FOR UP TO 60,240,964 OF THE COMMON SHARES OF OMEGA INSURANCE HOLDINGS LIMITED ("OMEGA") BY HAVERFORD (BERMUDA) LIMITED ("HBL")
HBL announces that it may decide not to extend the partial cash offer by HBL to acquire up to 60,240,964 of the common shares of Omega (the "Offer") and accordingly the offer may lapse. HBL does not agree with Omega's recent announcement that if the minimum levels of tenders were received by 1.00pm yesterday, the Offer may not lapse.
Following the interim management statement of third quarter results by Omega, HBL requested further information from Omega, so HBL could understand the reasons for and consequences of the very significant and unexpected deterioration in Omega's financial position and prospects, in particular in comparison to the position indicated by HBL's previous due diligence. HBL is continuing to review this information and is considering its position.
A further announcement will be made by HBL before 8.00am (London time) on Friday 2 December. Tenders have been received for substantially more than the maximum number of shares that may be acquired under the Offer.
HBL confirms it indicated to the Omega Board on 29 November that, subject to the agreement of Omega, it would be willing to make a new offer for up to 60,240,964 shares, at a fixed price of 74p per share, with an initial closing date as soon as practicable after agreement with Omega has been reached, but otherwise on the same terms as the Offer. HBL stands ready to continue discussions and negotiations with Omega in connection with this possible new offer.
Enquiries:
Citi (Financial Adviser to Haverford (Bermuda) Limited) Tel: +44 (0)20 7986 4000 Basil Geoghegan John Sandhu Cyrille Cotte
Powerscourt Tel: +44 (0)20 7250 1446 (Public Relations Adviser to Haverford (Bermuda) Limited) Giles Sanderson Nick Dibden
Terms and expressions used but not defined in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the offer document posted to Omega Shareholders on 27 September 2011 (the "Offer Document").