LANCASHIRE HOLDINGS LIMITED
November 11, 2022
Share buyback program
Lancashire Holdings Limited (the “Company” Where “Lancashire”) today announces that, following the announcement made in the Company’s Q3 2022 Trading Statement dated November 3, 2022it will launch a share buyback program for its ordinary shares of $0.50 each (the “Shares”) up to a maximum consideration of $14,730,000 (there “Overall purchase price“) (the “Program”).
Lancashire announces that it has entered into an instruction to Morgan Stanley & Co. International Plc (“Morgan Stanley”) in connection with the purchase by Morgan Stanley, acting as risk-free principal during the period beginning on November 14, 2022 and ending no later than December 30, 2022up to 3,000,000 Shares for an aggregate amount not to exceed the Aggregate Purchase Price and the simultaneous resale of such Shares by Morgan Stanley in Lancashire.
Any purchase of shares in connection with this announcement will be made in accordance with applicable regulations (including, but not limited to, listing rules) and general Lancashire authority as granted by the shareholders at the Lancashire Annual General Meeting held on April 27, 2022, to make purchases of Shares on the market. Lancashire will announce any redemption of Shares on the market no later than 7:30 a.m. the business day following the calendar day on which the redemption took place. Shares purchased under the Program will be used to satisfy a certain number of future exercises of grants under the Company’s Restricted Share Scheme.
This announcement does not constitute or form part of an offer or any solicitation of an offer of securities in any jurisdiction.
See “Note Regarding Forward-Looking Statements” below.
For more information, please contact:
|Lancashire Holdings Limited
|+44 20 7264 4145
|Jelena Bjelanovic||+44 20 7264 4066
|FTI Council||+44 20 37271046|
|Edward Berry||[email protected]|
|Tom Blackwell||[email protected]|
Lancashire, across its UK and Bermudais a global provider of specialty insurance and reinsurance products.
Lancashire common stock trades on the premium segment of the main market of the London Stock Exchange under the symbol LRE. Lancashire has its registered 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 the Lancashire website at www.lancashiregroup.com.
This release contains potentially price-sensitive information which Lancashire is making public in accordance with UK market abuse regulations and other regulatory requirements. The information has been submitted for publication, through the contact persons listed above, to 5:20 p.m. GMT on November 11, 2022.
NOTE REGARDING FORWARD-LOOKING STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED 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 WORDS “BELIEVED”, “ANTICIPATED”, “OBJECTIVES”, “PLANS”, “PROJECTS”, “FORECAST”, “ORIENTATION”, “INTENDS”, “EXPECTS”, “ESTIMATE”, “PREDICTS”, “MAY” , “MAY”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY.
ALL FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE SPECIFIC ONLY AS OF THE DATE OF RELEASE. LANCASHIRE HOLDINGS LIMITED EXPRESSLY DISCLAIMS ANY OBLIGATION OR COMMITMENT (EXCEPT AS NECESSARY TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATION, INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN GROUP EXPECTATIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR TO INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.