ADV.L Regulatory News (ADV)

29 Aug 2006 10:08

Advent Capital (Holdings) PLC29 August 2006 Advent Capital (Holdings) PLC ("Advent" or the "Company") SYNDICATE CAPACITY OFFER Announcement in respect of the Capacity Offer by Advent Capital (No. 3) Limited("ACL") for all non-aligned capacity on Syndicate 780 made on 28 July 2006 (the "Offer") On 28 July 2006 Advent Capital (Holdings) PLC ("Advent") announced that an offer("the Offer") had been made by ACL, a wholly owned subsidiary of Advent, to allnon-aligned members on Syndicate 780 to acquire all of the capacity not alreadyowned by Advent or any of its subsidiaries (together the "Advent Group"). The Advent Group currently owns 80% of the capacity (representing £122 millionout of a total syndicate capacity of £152 million for the 2006 year of account)on Syndicate 780 and, pursuant to the terms of the Offer, has offered to acquirethe remaining 20% of such capacity. The Offer closed for acceptances at 4pm on 25 August 2006. Advent todayannounces that acceptances representing £23,693,870, 79% of the capacity whichis subject to the Offer, have been received. Accordingly together with thecapacity on Syndicate 780 held by members of the Advent Group, ACL has acquired,or contracted to acquire under the Offer, over 90% of the capacity on Syndicate780. An application was, therefore, made to Lloyd's on 25 August 2006, forpermission to give notice of termination of the standard managing agent'sagreement to all of those members of Syndicate 780 who have not accepted theOffer (the "Minority Buy-Out"). The Offer is conditional, inter alia, onLloyd's granting consent to the Minority Buy-out on or before 22 September 2006. This announcement does not constitute a solicitation, invitation, or offer topersons in Singapore or any other jurisdiction where a solicitation, invitationor offer could be contrary to law. If you are resident in the Republic of South Africa or Thailand, you must complywith all applicable South African or Thailand exchange control requirements. Ifyou are in any doubt you should take professional advice from a person properlyqualified to advise you. The contents of this document have not been reviewed by any regulatory authorityin Hong Kong. You are advised to exercise caution in relation to the CapacityOffer. If you are in any doubt about any of the contents of this document, youshould obtain independent professional advice. Tuesday 29 August 2006 Enquiries For further information please contact: Advent Capital HoldingsKeith Thompson 020 7743 8200Chief Operating Officer Zoe Bucknell 020 7743 8200Company SecretaryPelham Public RelationsCharles Vivian 020 7743 6672Gavin Davis 020 7743 6677 This information is provided by RNS The company news service from the London Stock Exchange