Brit Insurance Holdings PLC announces that New Brit has made an application to the UK Listing Authority and to the London Stock Exchange for 313,950,030 ordinary shares of €1.00 each in the capital of New Brit to be admitted to the Official List and to trading on the London Stock Exchange’s main market for listed securities. Dealings are expected to commence today at 8.00 a.m. (GMT).
The existing designation on trading screens of “BRE” will remain unchanged following the listing of New Brit and New Brit is expected to replace Brit as a member of the FTSE 250 Index.
New Brit Depositary Interests representing New Brit Shares will be credited to CREST accounts in uncertificated form today.
As announced on 18 December 2009, the Scheme between Brit and its Scheme Shareholders was sanctioned by the Court. Under the terms of the Scheme, Scheme Shareholders will receive one New Brit Share for each Brit Share that they held at 6.00 p.m. (GMT) on 18 December 2009.
As a result of the Scheme becoming effective, the rights and obligations of Brit in respect of its 6.625% subordinated notes due 2030 (the “Notes”) have become rights and obligations of New Brit as the substituted issuer of the Notes. Brit has become a guarantor of New Brit in respect of such rights and obligations. The rights of the holders of the Notes have otherwise remained unchanged.
New Brit’s results for the financial year ended 31 December 2009 will be announced on 26 February 2010.
Capitalised terms used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the circular sent to shareholders on 12 November 2009, to which reference is made for further details.
