Last checked at 13 Jun 2011 12:34
13 June 2011
Barbican Group Holdings Limited
("Barbican" or the "Company")
Statement Re Omega Insurance Holdings Limited ("Omega")
The Directors of Barbican have noted the recent press comments in relation to Barbican and Omega. The Company confirms that it has recently submitted a proposal to the Directors of Omega, the key points of which have been shared with certain Omega shareholders, with regards to a potential combination of the two businesses. Omega's current listing on the Official List of the London Stock Exchange would be maintained.
Barbican's directors believe the proposed share for share combination will create significant long term value for Omega's existing shareholders, through the benefits of the increased scale and focus on disciplined capital allocation. The aim of the proposed combination is to maintain the existing Lloyd's syndicates of both companies and create efficiencies through capital restructuring and operational synergies.
There is no certainty that a transaction will be forthcoming, nor as to the terms of any such transaction. A further announcement will be made if appropriate.
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Contact
Damian Beeley +44 (0) 7950 481 795
Pelham Bell Pottinger dbeeley@pelhambellpottinger.co.uk