HAMILTON, Bermuda, July 15 /PRNewswire-FirstCall/ -- Enstar Group Limited today announced it had received notice that the underwriters of its public offering of 1,200,000 ordinary shares, which priced on June 26, 2008 and closed on July 1, 2008, have exercised their option to purchase an additional 172,028 ordinary shares at the offering price of $87.50 to cover over-allotments. All of the shares will be sold by Enstar and none of the shares will be sold by Enstar's existing shareholders. Enstar expects the issuance and delivery of the shares to occur on July 18, 2008.
Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC acted as book-running manager and Dowling & Partners Securities, LLC acted as co-manager of the offering.
The shares will be issued pursuant to a registration statement, as amended, that was filed with the SEC on June 5, 2008. This press release shall not constitute an offer to sell or a solicitation of an offer to buy Enstar's ordinary shares. An offering of Enstar's ordinary shares will be made only by means of a prospectus. The prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Enstar's ordinary shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Copies of the prospectus may be obtained from Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC, 420 Fifth Avenue, New York, New York 10018. These documents are also filed with the Securities and Exchange Commission and are available at the SEC's website at http://www.sec.gov/.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar may be found under the heading "Risk Factors" in Enstar's Registration Statement on Form S-3, as amended on June 26, 2008, and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.
