Lifting of lock-up etc
Lancashire Holdings Limited
19 June 2006
Lancashire Holdings Limited - lifting of lock-up restriction, transfers of
ownership, notification of major interests in shares
Hamilton, Bermuda - (June 19, 2006) - Lancashire Holdings Limited (the
'Company') today announced that, following the lifting of certain lock-up
restrictions on 16 June 2006, it received a request from Capital Z Lancashire
Partners, L.P., to distribute to its beneficial owners Lancashire Holdings
Limited Common Shares of US$0.50 each (the 'Common Shares') held by the
partnership. Capital Z Lancashire Partners, L.P. is a private equity fund that
was established specifically for the purpose of investing in the Company.
The requested transfers were routine distributions to the beneficial owners of
Capital Z Lancashire Partners, L.P. as a result of the termination of the
lock-up restrictions and are not changes in beneficial ownership.
The lock-up commenced when Capital Z Lancashire Partners, L.P. together with
certain other subscribers to the Common Shares, undertook not to dispose of any
interests in any of their Common Shares for a period of six months following the
admission of Lancashire Holdings Limited to trading on AIM on 16th December
2005.
As a result of the transfers Capital Z Lancashire Partners L.P. no longer has a
disclosable interest in the issued Common Shares of the Company either under the
Company's bye-laws or the AIM Rules. The transfers took place on 16th June
2006, the date that the Company received the request for transfers.
As a result of the transfers Caisse de depot et placement du Quebec, a
shareholder having a major interest in shares, and a partner in Capital Z
Lancashire Partners L.P. has increased its direct ownership of Common Shares by
4,633,350 (representing 2.37% of the issued Common Shares) from 17,986,000 to
22,619,350 (representing 11.56% of the issued Common Shares).
For further information, please contact:
Lancashire Holdings +1 441 278 8950
Neil McConachie
Greg Lunn
Financial Dynamics
Robert Bailhache
+44 20 7269 7200
www.lancashire.bm
About Lancashire
Lancashire was established in 2005 as a new insurance and reinsurance business
to take advantage of the favourable underwriting conditions expected to arise
from the large insured losses incurred in 2004 and 2005. The Company has an
A.M. Best rating of A- (Excellent) with a stable outlook.
Lancashire was admitted to AIM on 16 December 2005 following an Offer of Common
Shares to investors. The Common Shares trade on AIM under the ticker symbol
LRE.
This information is provided by RNS
The company news service from the London Stock Exchange
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