Orascom Inv Share Price (OIH)

The boards of Omega and Canopius have reached an agreement on the terms of a recommended cash offer at 67p, valuing Omega at approximately £163.9m (including share capital to be issued). This is a 30.9% premium to the average closing price of 51.2p during the month to 23 March 2012, when Canopius expressed its interest in possibly making a bid, and a premium of 10.7% to the closing price immediately prior to the offer (25 April 2012). Canopius has received irrevocable undertakings to vote in favour of the acquisition from shareholders representing approximately 48.9% of the existing share capital of Omega. Omega Insurance Holdings is domiciled in Bermuda and listed on the London Stock Exchange. It is an international insurer/reinsurer with a focus on short-tail, property-oriented classes.

t was hit by a leap in the number of claims made, particularly after the earthquakes in Japan and New Zealand. Catastrophe losses at the firm totalled $85.6m (2010: $55.0m). It wasn't all bad news, however, as basic earnings per share rose from 17.6 cents to 36.5c, while cash levels jumped from $37.9m to $52.8m.

Omega had a tough 2011, doubling its pre-tax losses and cancelling its dividend. In March it reported losses before tax of $94.7m compared to a loss of $42.9m the previous year, on an income of $304.6m (2010: $356.1m) and net revenues of $257m (2010: $261.4m).

Bermuda-based Omega Insurance Holdings said it had received a takeover approach from rival Canopius. Privately-owned Canopius has offered 65p per share in cash for the entire issued share capital of Omega. The latter said it would now consult with shareholders and make a further announcement "when appropriate". The news did little to excite investors, with Omega's share price rising 0.4% in early trading on Tuesday

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").