Provisional Rights Results
Hiscox PLC
21 October 2002
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR THE REPUBLIC OF IRELAND
FOR IMMEDIATE RELEASE 21 October 2002
HISCOX PLC
Provisional announcement of Rights Issue take-up
The board of Hiscox announces that, by 10.30 a.m. today, being the latest time
and date for acceptance and payment in full under the Rights Issue, the
provisional level of acceptances received by the Company (subject to final
confirmation that such acceptances are valid in accordance with the terms of the
Prospectus) represented approximately 62.7 per cent. of the New Ordinary Shares
offered pursuant to the Rights Issue.
This provisional level of acceptance did not include any acceptance by Chubb
Investment Services Limited ('Chubb'), no acceptance from which had been
received by 10.30 a.m. today. Chubb's entitlement under the Rights Issue
amounted to approximately 28.3 per cent. of the New Ordinary Shares being
offered. It is expected that, as a consequence of Chubb not taking up its
entitlement, its holding in Hiscox will fall from 28.3 per cent. of the issued
share capital of the Company to 18.9 per cent.
A further announcement will be made in due course, detailing the final take-up
of the Rights Issue.
Terms in this press release bear the same meaning, unless otherwise required by
the context, as defined in the prospectus published by Hiscox on 10 September
2002.
Enquiries
Hiscox plc Bronek Masojada 020 7448 6000
Stuart Bridges
ING Barings Paul Newman 020 7767 1000
Simon Edwards
NM Rothschild Philip Swatman 020 7280 5000
Jonathan Eddis
The Maitland Consultancy Suzanne Bartch 020 7379 5151
Philip Gawith
ING Barings and NM Rothschild are acting for the Company, and no one else, in
connection with the Rights Issue and will not be responsible to any other person
for providing the protections afforded to their respective clients or for
providing advice in relation to the proposed Rights Issue.
This announcement does not constitute or form part of, and should not be
construed as, an offer for sale or subscription of, or solicitation of an offer
to buy or subscribe for, any securities of Hiscox plc nor should it, or any part
of it, form the basis of, or be relied on in connection with any contract or
commitment whatsoever. Any decision in connection with the Rights Issue should
be made solely on the basis of the information contained in the Prospectus.
This announcement is not for publication or distribution or release, directly or
indirectly, in the United States, Canada, Japan, Australia, South Africa or the
Republic of Ireland. This announcement does not constitute or form any part of
any offer to sell, issue or to acquire any securities of the Company in the
United States, Canada, Japan, Australia, South Africa, the Republic of Ireland
or in any other jurisdiction. Neither the Company's New Ordinary Shares, Fully
Paid Rights nor the Provisional Allotment Letters are being or will be
registered under the US Securities Act of 1933, as amended (the 'Securities
Act') and may not be offered or sold in the United States (as such term is
defined in Regulation S under the Securities Act) at any time except pursuant to
the terms of an applicable exemption under the Securities Act and applicable
securities laws of the states of the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
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