ADV.L Regulatory News (ADV)

22 Sep 2006 07:01

Advent Capital (Holdings) PLC22 September 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") Details of the Offer are set out in an offer document which was issued, in accordance with the Capacity Offer Rules, on 28 July 2006 On 28 July 2006 Advent announced that an offer ("the Offer") had been made byACL, a wholly owned subsidiary of Advent to all non-aligned members on Syndicate780 to acquire all of the capacity not already owned by Advent or any of itssubsidiaries (together the "Advent Group"). The Offer closed for acceptances at 4pm on 25 August 2006. Advent UnderwritingLimited announced on 29 August 2006 that acceptances representing £23,693,870,equivalent to 79% of the capacity, which is subject to the Offer had beenreceived. Accordingly, together with the capacity on Syndicate 780 for the 2007 year ofaccount already held by connected companies of Advent Underwriting Limited, ACLhad acquired, or contracted to acquire under the Offer, over 90% of the capacityon Syndicate 780 for the 2007 year of account. An application was, therefore, made to Lloyd's on 25 August 2006, in accordancewith paragraph 2(1)(b) of the Major Syndicate Transactions Byelaw (No.18 of1997), for permission to give notice of termination of the standard managingagent's agreement to all of those members of Syndicate 780 who have not acceptedthe Offer (the "Minority Buy-Out"). Advent announces that on 21 September 2006, Lloyd's granted its consent to theMinority Buy-Out and the Offer has therefore become unconditional. Under the terms of the Offer, Advent has received indications from membersrepresenting around £25,000,000 of the capacity that they wish to participatefor the 2007 year of account under the Limited Tenancy Arrangement ("LimitedTenancy Capacity"). The Limited Tenancy Arrangement allows Members toparticipate for the 2007 year of account only. The amount of Limited TenancyCapacity available to Syndicate 780 is subject to alteration, pendingfinalisation of members' underwriting positions for 2007. 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. This announcement has been prepared in accordance with Lloyd's requirements.ACL has confirmed to Lloyd's that this document complies with the Capacity OfferRules. This announcement has not been approved by Lloyd's. 22 September 2006 Enquiries For further information please contact: Advent Capital Holdings Keith Thompson 020 7743 8200Chief Operating Officer Zoe Bucknell 020 7743 8200Company Secretary Pelham Public Relations Charles Vivian 020 7743 6672Gavin Davis 020 7743 6677 This information is provided by RNS The company news service from the London Stock Exchange