Statement re Admission to the Official List
Lancashire Holdings Limited
16 February 2009
Hamilton, Bermuda
Admission to the Official List and to trading on the
London Stock Exchange's market for listed securities
Lancashire Holdings Limited ("Lancashire" or the "Company") today announces
that, further to the announcement on 6 October 2008 of its intention to apply
for admission of its common shares to the Official List of the UK Listing
Authority (the "Official List"), an application will be made for the Company's
common share capital to be admitted to the Official List and to trading on the
London Stock Exchange's market for listed securities ("Admission") and pursuant
to Rule 41 of the AIM Rules the Company hereby gives notice of the intended
cancellation of trading of the Company's common shares on AIM, a market
operated by the London Stock Exchange.
It is expected that Admission will become effective and dealings in
Lancashire's common shares on the Official List will commence at 8.00 a.m. on
16 March 2009, subject to receipt of the necessary approvals from the UK
Listing Authority and the London Stock Exchange. Cancellation of trading in the
Company's common shares on AIM is expected to occur at the same time. No new
shares of the Company are being issued.
Since its admission to AIM in 2005, the Company has both grown significantly
and matured as an insurance underwriter and the directors of Lancashire believe
that a move to the Official List is now appropriate for the next stage of the
Company's development. The directors also believe that due to the higher number
of institutional investors who regularly trade in companies admitted to the
Official List and the higher profile of such companies, the Company will be
better placed to achieve improved liquidity and visibility in its common shares
following Admission. Furthermore, the directors believe that a move to the
Official List will improve the Company's profile in the insurance market and
increase public awareness of Lancashire. This move underlines the success and
progress that the Lancashire Group has made since December 2005.
A prospectus prepared by the Company in connection with Admission will be
published shortly before Admission takes place with a copy submitted to the
Financial Services Authority for publication through the document viewing
facility which is situated at The Financial Services Authority, 25 North
Colonnade, Canary Wharf, London E14 5HS. A copy of the published prospectus
will also be available for viewing on the Company's website at
www.lancashiregroup.com.
Merrill Lynch International has been appointed as sponsor to the Company in
relation to the Admission.
Enquiries:
Lancashire +44 (0) 20 7264 4066
Jonny Creagh-Coen
Greg Lunn
Merrill Lynch International +44 (0)20 7628 1000
Simon Fraser
Derek Ross
Marcus Jackson
Financial Dynamics +44 (0) 20 7269 7114
Rob Bailhache
Nick Henderson
About Lancashire
Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a
global provider of specialty insurance products. Its insurance subsidiaries
carry the Lancashire group rating of A minus (Excellent) from A.M. Best with a
stable outlook. Lancashire is headquartered at Mintflower Place, 8 Par-La-Ville
Road, Hamilton HM 08, Bermuda. The mailing address is Lancashire Holdings
Limited, P.O. Box HM 2358, Hamilton HM HX, Bermuda. For more information on
Lancashire, visit the Company's website at www.lancashiregroup.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS MADE IN THIS ANNOUNCEMENT THAT ARE NOT BASED ON CURRENT OR
HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION,
STATEMENTS CONTAINING WORDS 'BELIEVES', 'ANTICIPATES', 'PLANS', 'PROJECTS',
'INTENDS', 'EXPECTS', 'ESTIMATES', 'PREDICTS', 'MAY','WILL', 'SEEKS', 'SHOULD'
OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. ALL STATEMENTS
OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION, THOSE
REGARDING THE GROUP'S FINANCIAL POSITION, RESULTS OF OPERATIONS, LIQUIDITY,
PROSPECTS, GROWTH, BUSINESS STRATEGY, PLANS AND OBJECTIVES OF MANAGEMENT FOR
FUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES RELATING TO THE
GROUP'S INSURANCE BUSINESS) ARE FORWARD-LOOKING STATEMENTS. SUCH
FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND
OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS,
PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS
ANNOUNCEMENT OR OTHER INFORMATION CONCERNED. LANCASHIRE HOLDINGS LIMITED
EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY
WITH ANY LEGAL OR REGULATORY OBLIGATIONS (INCLUDING THE AIM RULES)) TO
DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS
CONTAINED HEREIN TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS WITH REGARD
THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH
STATEMENT IS BASED.
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