Aspen Insurance Holdings Announces Repurchase of $100 Million of Ordinary Shares from Founding Shareholder and Agreement to Sell
14 May 2008 - 12:23PM
PR Newswire (US)
HAMILTON, Bermuda, May 13 /PRNewswire-FirstCall/ -- Aspen Insurance
Holdings Limited (the "Company") (NYSE:AHL) today announced that
the Company has agreed to repurchase approximately 4.1 million of
its ordinary shares from Candover Partners Limited, one of its
founding shareholders, and a trustee to a Candover employee trust.
The ordinary shares are to be repurchased by Aspen for
approximately $100 million. The repurchase was executed as part of
Aspen's $300 million share repurchase program. The ordinary shares
will be retired once purchased. In a separate transaction, Aspen
also announced today that Candover Partners Limited has agreed to
sell approximately 2 million ordinary shares of Aspen in an
underwritten public offering. Following the completion of the
offering and the share repurchase, Candover Partners Limited will
no longer own any shares of Aspen. Credit Suisse is acting as the
sole book-running manager for the public offering. Credit Suisse
proposes to offer Aspen's ordinary shares from time to time for
sale in one or more transactions on the NYSE, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices.
Aspen will not receive any proceeds from the sale of ordinary
shares by Candover Partners Limited in the public offering. The
public offering and the share repurchase are not conditional on one
another. "We are pleased to repurchase $100 million in Aspen stock
from Candover, demonstrating our commitment to active capital
management which includes buying back shares" said Chris O'Kane,
Aspen's Chief Executive Officer. "Candover has been a great owner
and I appreciate the support they have given us since our
inception." The ordinary shares in the public offering are being
sold pursuant to Aspen's effective shelf registration statement
previously filed with the Securities and Exchange Commission. A
prospectus supplement relating to the ordinary shares offering will
be filed with the Securities Exchange Commission. When available, a
written prospectus for the offering meeting the requirements of
Section 10 of the Securities Act of 1933, as amended, may be
obtained from Credit Suisse by contacting Credit Suisse Securities
(USA) LLC, Prospectus Department, at One Madison Avenue, New York,
NY 10010, telephone (800) 221-1037. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction. Any offering of ordinary shares will be made
only by means of a written prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended. Application
of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains, and Aspen's earnings
conference call will contain, written or oral "forward-looking
statements" within the meaning of the U.S. federal securities laws.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as "expect," "intend," "plan," "believe,"
"project," "anticipate," "seek," "will," "estimate," "may,"
"continue," "guidance," and similar expressions of a future or
forward-looking nature. All forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of uncertainties and other factors, many of which are
outside Aspen's control that could cause actual results to differ
materially from such statements. Any further ordinary share
repurchases by Aspen are subject to rating agency considerations,
the market price of its ordinary shares, Aspen's ongoing sources
and uses of cash and the liquidity requirements of its insurance
and reinsurance business. For a more detailed description of
additional uncertainties and other factors that could impact the
forward-looking statements in this release, please see the "Risk
Factors" section in Aspen's Annual Report on Form 10-K for the year
ended December 31, 2007, filed with the U.S. Securities and
Exchange Commission on February 29, 2008. DATASOURCE: Aspen
Insurance Holdings Limited CONTACT: Tania Kerno, Head of
Communications, +44 20 7184 8855, or Noah Fields, Head of Investor
Relations, +1-441-297-9382, both of Aspen Insurance Holdings
Limited; Sarah Gestetner of Citigate Dewe Rogerson, +44 20 7638
9571; Eliza Johnson of Abernathy MacGregor, +1-212-371-5999
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