Lancashire Holdings Ltd - Share Repurchase Programme
PR Newswire
LONDON, United Kingdom, November 22
Share Repurchase Programme
LANCASHIRE HOLDINGS LIMITED
22 November 2023
Hamilton, Bermuda
Share Repurchase Programme
Lancashire Holdings Limited (the "Company" or "Lancashire") today announces that, further to the announcement made in the Company's Q3 2023 Trading Statement dated 9 November 2023, it will commence a share repurchase programme of its common shares of US$0.50 each (the "Shares") up to a maximum consideration of US$50,000,000 (the "Aggregate Purchase Price") (the "Programme").
Lancashire announces that it has entered into an instruction to Morgan Stanley & Co. International Plc ("Morgan Stanley") in relation to the purchase by Morgan Stanley, acting as riskless principal during the period commencing on 22 November 2023 and ending no later than 29 February 2024, of up to 24,401,000 Shares for an aggregate amount of no greater than the Aggregate Purchase Price and the simultaneous on-sale of such Shares by Morgan Stanley to Lancashire.
Any purchase of Shares in relation to this announcement will be executed in accordance with the relevant regulations (including but not limited to the Listing Rules) and Lancashire's general authority, as granted by shareholders at Lancashire's AGM held on the 26 April 2023, to make market purchases of Shares. Lancashire will announce any market repurchase of Shares no later than 7:30am on the business day following the day on which the repurchase occurred. Shares purchased under the Programme will either be used to satisfy a number of future exercises of awards under the Company's Restricted Share Scheme; or will be held in treasury; or will be cancelled.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
See further the "Note Regarding Forward-Looking Statements" below.
For further information, please contact:
| Lancashire Holdings Limited | |
| Christopher Head | +44 20 7264 4145 |
| chris.head@lancashiregroup.com | |
| Jelena Bjelanovic | +44 20 7264 4066 |
| jelena.bjelanovic@lancashiregroup.com | |
| FTI Consulting | +44 20 37271046 |
| Edward Berry | Edward.Berry@FTIConsulting.com |
| Tom Blackwell | Tom.Blackwell@FTIConsulting.com |
About Lancashire
Lancashire, through its UK and Bermuda-based operating subsidiaries, is a provider of global specialty insurance and reinsurance products.
Lancashire's common shares trade on the premium segment of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.
The Bermuda Monetary Authority ("BMA") is the Group Supervisor of the Lancashire Group.
For more information, please visit Lancashire's website at www.lancashiregroup.com.
This release contains information which may be of a price sensitive nature, that Lancashire is making public in a
manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00am GMT on 22 November 2023.
NOTE REGARDING FORWARD-LOOKING STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS "BELIEVES", "ANTICIPATES", "AIMS", "PLANS", "PROJECTS", "FORECASTS", "GUIDANCE", "INTENDS", "EXPECTS", "ESTIMATES", "PREDICTS", "MAY", "CAN", "LIKELY", "WILL", "SEEKS", "SHOULD", OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY.
ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE HOLDINGS LIMITED EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.
