Subject: Omega Insurance Holdings Limited and Canopius Group Limited
Syndicate Affected: 958
Omega Underwriting Agents Limited (“OUAL”) makes the following announcement for the purposes of Lloyd’s Auctions 2011.
OUAL notes the RNS announcement made today by Canopius Group Limited, as follows:-
“Statement Regarding Omega Insurance Holdings Limited ("Omega")
Canopius Group Limited ("Canopius") announces that it has today submitted an indicative proposal to the Board of Omega to acquire the entire issued and to be issued ordinary share capital of Omega for cash consideration of 83.0 pence per share.
Canopius is seeking a short period in which to complete confirmatory due diligence. Any offer will be conditional on the success of that exercise, as well as other pre-conditions customary for a transaction of this nature.
This announcement does not constitute a commitment to proceed or firm intention to make an offer, and there is no certainty that an offer will be made even if the pre-conditions are satisfied or waived.”
OUAL further notes the response made to this announcement, also by RNS announcement released today by OUAL’s ultimate parent company, Omega Insurance Holdings Limited, as follows:-
“Response to Indicative Offer Approach by Canopius Group Limited
The board of Omega Insurance Holdings Limited ("Omega") notes the announcement from Canopius Group Limited and confirms that a takeover approach has been received. The board will continue to review the approaches Omega has received in the context of the best interests of the business and all stakeholders and is striving to conclude the process as soon as possible.”
This announcement is issued and has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Omega Underwriting Agents Limited which is authorised and regulated by the Financial Services Authority.
Date issued: 13 September 2011
Agency contact name: David Reed, Managing Director
Agency contact no: + 44 (0)207 767 3000
For auction office use only: D2011023