Capital Reorganisation

11 Jul 2005 12:03

Ecclesiastical Insurance Office PLC11 July 2005 For immediate release11 July 2005 Ecclesiastical Insurance Office plcNotice of Meeting10 per cent. Redeemable Second Cumulative Preference Shares EIO will today post notices to holders of its £3,000,000 10 per cent. RedeemableSecond Cumulative Preference Shares ("Second Prefs") of a class meeting ofholders to be held at 19/21 Billiter Street, London EC3M 2RY at 11.00 a.m. on 28July 2005. The purpose of the meeting is to consider an Extraordinary Resolution, proposedby EIO, to redesignate the Second Prefs into, principally, new 8.625 per cent.Non-Cumulative Irredeemable Preference Shares ("Irredeemables"). £60,250,000 ofIrredeemables are already in issue. Under the proposal, £9 nominal of Irredeemables would be issued for every £10nominal of Second Prefs, as more fully described in a circular which is beingposted to holders of Second Prefs today. The Second Prefs are redeemable at EIO's option at a price of 102.5 until theend of 2007, and at 100 thereafter, until their mandatory redemption date in2012. The Company has, through JPMorgan Cazenove, consulted some of the larger holdersof Second Prefs and the holders of approximately 52% of the Second Prefs haveindicated their intention to vote in favour of the Extraordinary Resolution. Enquiries:George Prescott, Ecclesiastical Insurance Office plc, 07802 263038John Nickson, Ecclesiastical Insurance Office plc, 01452 334949 Francis Burkitt, JPMorgan Cazenove, 020 7155 4924 ENDS This information is provided by RNS The company news service from the London Stock Exchange