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12 Jun 2009 15:00
FOR IMMEDIATE RELEASE
Brit Insurance Holdings PLC
Statement regarding Chaucer Holdings PLC
Brit Insurance Holdings PLC ("Brit") notes the recent speculation concerning a possible offer for Chaucer Holdings PLC ("Chaucer"). Brit confirms it is in discussions regarding a possible all share offer for Chaucer.
There can be no certainty that an offer will be forthcoming.
Contacts:
Neil Manser
Brit Insurance Holdings PLC
020 7098 6980 / 07725 561 665
Peter Rigby/Juliet Tilley
Haggie Financial
020 7417 8989
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Chaucer or Brit, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Chaucer or Brit, they will be deemed to be a single person for the purpose of Rule 8.3 of the Code.
Under the provisions of Rule 8.1 of the Code, all "dealings" in" relevant securities" of Chaucer or Brit by Chaucer or Brit, or by any of its respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Takeover Panel.
J.P. Morgan Cazenove Limited which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Brit and no one else in connection with this announcement and will not be responsible to anyone other than Brit for providing the protections afforded to clients of J.P. Morgan Cazenove Limited nor for providing advice in connection with this announcement or any matter referred to herein.
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