HAMILTON, Bermuda, Dec. 12 /PRNewswire-FirstCall/ -- Syncora Holdings Ltd. ("Syncora" or the "Company") today announced that it was notified by the NYSE Regulation, Inc. that as a result of the Company's common shares no longer meeting the New York Stock Exchange ("NYSE") continued listing standards, the NYSE will suspend trading of Syncora's common stock effective on the NYSE's opening on December 17, 2008. Syncora does not intend to appeal the NYSE's decision at this time and, consequently, it is expected that the common stock will be delisted following the NYSE's application to the Securities and Exchange Commission.
In particular, Syncora has been advised that its shares are out of compliance with two of the NYSE's continued listing standards: i) maintaining an average market capitalization of not less than $75 million over a consecutive 30 trading-day period and a stockholders' equity of not less than $75 million, and ii) maintaining an average closing price of not less than $1.00 over a consecutive 30 trading-day period.
The Company expects that its common stock will be quoted on the Financial Industry Regulatory Authority's over-the-counter bulletin board (the "OTCBB") and on the Pink Sheets Inc.'s Pink Quote System (the "Pink Sheets"). A new ticker symbol will be assigned on the day trading is suspended from the NYSE.
The delisting from the NYSE does not represent any change in the Company's current strategic plan, in the negotiations with the financial counterparties or in the involvement by the New York State Insurance Department in the Company's operations.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. is a Bermuda-domiciled holding company formerly known as Security Capital Assurance Ltd. For more information, please visit http://www.syncora.com/.
Investors and Media Contact:
Michael Gormley
+1 441-279-7450
This release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that these statements are not guarantees of future results, plans or events and such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These factors include, but are not limited to: our ability to continue as a going concern; higher risk of loss in connection with obligations guaranteed by the Company due to deterioration in the credit markets stemming from the poor performance of subprime residential mortgage loans; the outcome of our negotiations with the financial counterparties concerning the commutation, termination, amendment or otherwise restructuring of their credit default swap ("CDS") contracts and the expiration of their forbearance; Syncora Guarantee Inc.'s ability to maintain minimum required policyholders' surplus or positive policyholders' surplus; the decision by our regulators to take regulatory action with respect to the Company's operating subsidiaries at any time; the availability of capital and liquidity, including risks associated with the Master Transaction Agreement and related transactions and agreements with the New York Insurance Department; developments in the world's financial and capital markets that adversely affect the performance of the Company's investments and its access to such markets; changes in regulation, tax laws, legislation or accounting policies or practices; delisting from the NYSE; limitations on our net operating carry forwards; payment of terminations values under CDS contracts; non-payment of premium and make whole payments by policy holders and counterparties; challenge to the Master Transaction Agreement and related commutations and releases; impact of non-payment of dividends on the Company's series A preferences shares on the Company's Board of Directors; the outcome of the efforts to refund Jefferson County, Alabama's outstanding sewer system debt and the outcome of related litigation; the performance of invested assets, losses on credit derivatives or changes in the fair value of CDS contracts, losses on the shares of XL Capital Ltd.; recent and future rating agency statements and ratings actions; the suspension of writing substantially all new business and the Company's ability to continue to operate its business in its historic form; the outcome of litigation; the timing of claims payments and the receipt of reinsurance recoverables; greater frequency or severity of claims and loss activity including in excess of the Company's loss reserves; our assumptions concerning the tax treatment of the transactions contemplated by the Master Transaction Agreement and related agreements and related transactions; the impact of provisions in business arrangements and agreements triggered by the ratings downgrades; the impact of other triggers in business arrangements including CDS contracts; changes in officers and key employees; general economic conditions; changes in the availability, cost or quality of reinsurance or retrocessions; possible downgrade of the Company's reinsurers; possible default by the counterparties to the Company's reinsurance arrangements; the Company's ability to compete; changes that may occur in Company operations and ownership as the Company matures; and other additional factors, risks or uncertainties described in Company filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and also disclosed from time to time in subsequent reports on Form 10-Q and Form 8-K. Readers are cautioned not to place undue reliance on forward- looking statements which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.
