Global Indemnity plc Share Redemption
(Thomson Reuters ONE) -
DUBLIN, Ireland, Oct. 29, 2015 (GLOBE NEWSWIRE) -- Global Indemnity plc
(NASDAQ:GBLI) announced today that it agreed to redeem 8,260,870 of its ordinary
shares for $190 million in the aggregate from affiliates of Fox Paine & Company,
LLC. The parties anticipate that the redemption will close by November 6, 2015.
Global Indemnity also acquired rights (expiring year end 2019) to redeem an
additional 3,376,561 Ordinary Shares for $77,660,903 (which amount is subject to
an annual adjustment). The Company is in discussions with affiliates of Fox
Paine to acquire rights to redeem a further 1,146,716 ordinary shares on the
same terms as the 3,376,561 share redemption rights. After giving effect to the
share redemptions and regardless of whether or not the additional redemption
rights are exercised, affiliates of Fox Paine will continue to have the ability
to cast a majority of votes on matters submitted to Global Indemnity
shareholders for approval.
Third Quarter 2015 Financial Results Update:
Global Indemnity today announced net income for the nine months ending September
30, 2015 is anticipated to be approximately $14 million versus $51.8 million for
the comparable 2014 period. Net loss for the three months ending September
30, 2015 is anticipated to be approximately $4 million (primarily due to claims
related to the recent California wildfires, as well as $10.8 million of capital
losses) compared to net income of $9.8 million for the 2014 comparable period.
Shareholders' equity is expected to be approximately $922 million at September
30, 2015.
About Global Indemnity plc and its subsidiaries
Global Indemnity plc (NASDAQ:GBLI), through its several direct and indirect
wholly owned subsidiary insurance and reinsurance companies, provides both
admitted and non-admitted specialty property and casualty insurance coverages
and individual policyholder coverages in the United States, as well as
reinsurance worldwide. Global Indemnity plc's three primary segments are:
* United States Based Commercial Lines Operations
* United States Based Personal Lines Operations
* Bermuda Based Reinsurance Operations
For more information, visit the Global Indemnity plc website at
http://www.globalindemnity.ie.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements contained in this press
release(1) do not address a number of risks and uncertainties. Forward-looking
statements generally relate to future events or Global Indemnity's future
financial or operating performance. In some cases, you can identify forward-
looking statements because they contain words such as "may," "will," "should,"
"expects," "plans," "anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential" or "continue"
or the negative of these words or other similar terms or expressions that
concern Global Indemnity's expectations, strategy, plans or intentions. Forward-
looking statements in this press release include, but are not limited to, Global
Indemnity's net income, net loss, and shareholder's equity. The preliminary
financial information provided in this press release is based on management's
initial review of operations for the quarter and is subject to Global
Indemnity's normal quarter-end accounting review and the review by Global
Indemnity's independent registered public accounting firm. Investors are
cautioned that Global Indemnity's actual results may be materially different
from the estimates expressed in, or implied, or projected by, the forward
looking statements. Factors that could cause actual results to differ materially
from those contemplated in the forward-looking statements include, but are not
limited to, the risk that Global Indemnity's preliminary results could be
adjusted or otherwise change after Global Indemnity's normal quarter-end
accounting review and the review by Global Indemnity's independent registered
public accounting firm, the risk that Global Indemnity experiences expenses that
exceed its expectations, the risk that the demand for Global Indemnity's
products and services could differ from expectations due to factors including
changes in business and economic conditions, the risk that results could be
affected by litigation or other regulatory matters, the risk that gains or
losses from equity securities and interest and other could vary from
expectations depending on gains or losses on the sale, exchange, change in the
fair value or impairments of debt and equity investments, interest rates, cash
balances, and changes in the fair value of derivative instruments, the risk that
there may be difficulties in integrating the businesses of American Reliable,
which could result in a failure to realize the potential benefits of the
acquisition, the risk that the transaction proves disruptive to the operations
of American Reliable or Global Indemnity, and the risk that American Reliable' s
or Global Indemnity's prospective insurance premiums, investment yield, or net
earnings are less than anticipated (including as a result of unexpected events,
competition, costs, charges or outlays whether as a consequence of the
transaction or otherwise). The foregoing review of factors that could cause
actual financial or operating performance to differ materially from expectations
is not exhaustive. Please see Global Indemnity's filings with the Securities and
Exchange Commission for a discussion of additional risks and uncertainties which
could impact the company and for a more detailed explication regarding forward-
looking statements.
(1) Disseminated pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995.
CONTACT: Media
Stephen Ries
Senior Corporate Counsel
(610) 668-3270
sries(at)global-indemnity.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Global Indemnity plc via GlobeNewswire
[HUG#1962306]
Datum: 29.10.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 430366
Anzahl Zeichen: 7211
contact information:
Town:
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Kategorie:
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