Business & Finance
Tue, June 29, 2010Mon, June 28, 2010Sun, June 27, 2010Sat, June 26, 2010Fri, June 25, 2010Thu, June 24, 2010Wed, June 23, 2010Tue, June 22, 2010Mon, June 21, 2010Sun, June 20, 2010Sat, June 19, 2010Fri, June 18, 2010Scottish Re Group Limited Announces Expiration of Tender Offer and Acceptance of 193,917 of its Non-Cumulative Perpetual Prefer
Published in Business and Finance on Thursday, June 24th 2010 at 5:56 GMT by Market Wire
HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Re Group Limited (Pink Sheets:SKRRF) (the aCompanya) announced today that the tender offer made by the Company pursuant to an Offer to Purchase, dated May 7, 2010 (as the same was subsequently amended and supplemented on June 8, 2010, the aOffer to Purchasea), and the related Letter of Transmittal, dated May 7, 2010 (together with the Offer to Purchase, the aOffera), expired at 5:00 p.m., New York City time, June 23, 2010 pursuant to the terms of the Offer. The Offer had been made to purchase for cash any and all of the outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference of $25 per share (collectively, the aPerpetual Preferred Sharesa).
The Company received the requisite authorization at its Annual General Meeting of Shareholders held on June 22, 2010, in Hamilton, Bermuda, of the manner of purchase by the Company of any and all of the Perpetual Preferred Shares tendered for repurchase pursuant to the Offer.
In connection with the Offer, holders of 193,917 Perpetual Preferred Shares, with an aggregate liquidation preference of $4,847,925, tendered their Perpetual Preferred Shares (the aTendered Perpetual Preferred Sharesa) and the Company accepted for purchase all such Tendered Perpetual Preferred Shares. Settlement of the Tendered Perpetual Preferred Shares is expected to occur on June 28, 2010.
Following settlement and subsequent cancellation of the Tendered Perpetual Preferred Shares, there will remain outstanding 4,806,083 Perpetual Preferred Shares, with an aggregate liquidation preference of $120,152,075.
About Scottish Re
Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Ireland and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its Web site, [ www.scottishre.com ].
