Orascom Inv Regulatory News (OIH)

25 Apr 2007 07:00

Omega Insurance Holdings Limited25 April 2007 OMEGA INSURANCE HOLDINGS LIMITED Exercise of Share Option by Director Richard Tolliday, an executive Director of Omega Insurance Holdings Limited (the"Company"), disclosed to the Company on 24 April 2007 that, on that date, heexercised a nil cost option under the Omega Insurance Holdings Limited Long TermIncentive Plan (the "Plan") over 216,312 common shares of US$0.10 each in theCompany. This exercise follows the vesting of one third of a nil cost option over 648,936common shares of US$0.10 each in the Company which was awarded with a deemedgrant date of 6 April 2005 under the Plan in equal exchange for rightsrelinquished under share scheme arrangements operated by the previous holdingcompany of the Omega group, Omega Underwriting Holdings PLC (the "Previous Plan"), and which vests one third each year over a period of three years from 6April 2005 with the initial one third having vested on 6 April 2006 under thePrevious Plan. The exercise has been satisfied by the transfer to Richard Tolliday of 216,312common shares of US$0.10 each formerly held by the trustees of the OmegaInsurance Holdings Limited Employee Share Trust. In addition, nil cost options under the Plan over 273,996 common shares ofUS$0.10 each awarded to other employees of the Company on identical terms havevested and been exercised by those employees. These exercises have beensatisfied by the transfer to those employees of 273,996 common shares of US$0.10each formerly held by the trustees of the Omega Insurance Holdings LimitedEmployee Share Trust. In addition, Richard Tolliday notified the Company on 24 April 2007 of thevesting, the relevant performance criteria having been satisfied, of one thirdof an option over 754,693 common shares of US$0.10 each in the Company which wasawarded with a deemed grant date of 6 April 2005 under the Plan in equalexchange for rights relinquished under the Previous Plan, and which vests,subject to certain performance criteria being met, one third each year over aperiod of three years from 6 April 2007. This option is exercisable at 115 penceper share. As previously notified to the Company, Richard Tolliday is the registered holderof 396,312 common shares of US$0.10 each in the capital of the Company and alsoholds options over 2,713,068 common shares of US$0.10 each in the capital of theCompany. Following the exercise of the options over 216,312 common shares of US$0.10 eachreferred to above, Richard Tolliday is the registered holder of 612,624 commonshares of US$0.10 each in the capital of the Company and also holds options over2,496,756 common shares of US$0.10 each in the capital of the Company. As aresult he continues to be interested in aggregate in 3,109,380 common shares ofUS$0.10 each in the capital of the Company, representing 2.11% of the Company'sissued share capital as at 24 April 2007. In addition, options under the Plan over 247,897 common shares of US$0.10 eachawarded to other employees of the Company on identical terms have vested, therelevant performance criteria having been met. Of these options, 242,980 areexercisable at 115 pence per share, and 4,917 are exercisable at 115.5 pence pershare. Enquiries: Omega Insurance Holdings Limited +1 441 299 4984Malcolm Mitchell, Company SecretaryJeremy Gorman, Assistant Company Secretary +44 (0)20 7935 0027 John Coles, Threadneedle Communications +44 (0)20 7936 9604 Notes to Editors Omega became the new holding company of the Omega group on 9 November 2006 whenthe scheme of arrangement of Omega Underwriting Holdings PLC (the Omega group'sprevious holding company and now wholly owned by Omega) ("OUH") becameeffective. On the same day the common shares of Omega were admitted to tradingon AIM, the admission of OUH's shares to trading on AIM was cancelled and OUHwas re-registered as a private limited liability company. The Omega group, through its wholly owned subsidiary, Omega Underwriting AgentsLimited, acts as a Lloyd's managing agent for Syndicate 958 and in February 2006established a new insurance and reinsurance business, Omega Specialty InsuranceCompany Limited ("Omega Specialty"), based in Bermuda. In September 2006 Omegaincorporated a new subsidiary, Omega US Insurance, Inc. ("Omega US Insurance"),in Delaware which is held under a Delaware incorporated intermediate holdingcompany Omega US Holdings, Inc.. • Syndicate 958 Syndicate 958 had a capacity for the 2006 year of account of £249 million andcapacity for the 2007 year of account has been increased to £274 million. TheSyndicate has made an underwriting profit in every closed year of account sinceits inception in the 1980 year of account. The Syndicate has focusedpredominantly on short-tail property insurance and reinsurance, insuring smallto medium sized insureds and reinsuring the smaller insurance companies. The Syndicate's financial strength rating from A.M. Best Company, Inc. of "A"(Excellent) and an Issuer Credit Rating of "a+" (Excellent) were reaffirmed on 7February 2006. • Omega Specialty Omega Specialty is authorised by the Bermuda Monetary Authority as a Class 3insurer, underwriting its targeted classes of insurance and reinsurance, key inwhich are non-marine property insurance, professional indemnity insurance,property catastrophe treaty reinsurance and property per risk treatyreinsurance. Omega Specialty is capitalised at $172 million. On 4 April 2006, Omega Specialty was assigned a financial strength rating byA.M. Best of "A-" (Excellent). • Omega US Insurance Omega US Insurance is authorised as an admitted insurer in Delaware and willunderwrite on a surplus lines basis in all other US States once it has beengranted the requisite eligibility in each US State. It is capitalised at US$50million from the net proceeds of a share placing by OUH in October 2006. Omega US Insurance will obtain a rating from A.M. Best. This information is provided by RNS The company news service from the London Stock Exchange