Sale of Alea UK
30 June 2009 - 4:01PM
UK Regulatory
TIDMALEA
RNS Number : 7358U
Alea Group Holdings(Bermuda) Ltd
30 June 2009
30 June 2009
Alea Group Holdings (Bermuda) Ltd
Alea Announces Agreement to Sell Alea Holdings UK Ltd.
HAMILTON, Bermuda - Alea Group Holdings (Bermuda) Ltd. ('Alea' or 'the Group')
today announced that it has entered into a share purchase agreement to sell its
UK based subsidiary (Alea Holdings UK Ltd.) to Catalina Holdings (Bermuda)
Ltd.Under the agreement, Alea Holdings UK Ltd. will be sold at a slight discount
to the book value at which it was carried in the Group's consolidated financial
statements as at 31 December 2008. Completion of the transaction is contingent
upon customary closing conditions and the required regulatory approvals and
notices.
Mark Cloutier, Chief Executive Officer, commented, "This transaction represents
both an opportunity to crystallize the value embedded in Alea London and to
align our London team with an established run-off acquirer. Once completed, the
transaction will also provide additional financial flexibility for the Group. We
are hopeful the deal will complete by year-end, meanwhile, we remain focused on
managing the orderly run-off of the Group's balance sheet."
At 31 December 2008, Alea Holdings UK Ltd. consolidated IFRS accounts had total
assets of $446.5 million and total liabilities of $357.9 million.
For further information, please contact:
Mark Cloutier
+1 441 296 9150
Sheel Sawhney
+1 860 258 6524
Financial Dynamics
Robert Bailhache
Nick Henderson
+44 20 7269 7114
####
Past performance cannot be relied upon as a guide to future performance.
Certain statements made in this document that are not based on current or
historical facts are forward-looking in nature including, without limitation,
statements containing the words "believes," "anticipates," "plans," "projects,"
"intends," "expects," "estimates," "predicts," and words of similar import. All
statements other than statements of historical facts including, without
limitation, those regarding the Group's financial position, business strategy,
plans and objectives of management for future operations (including development
plans and objectives) are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or achievements of the
Group to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements. In
particular, forecasting of reserves for future losses is based on historical
experience and future assumptions. As a result, they are inherently subjective
and may fluctuate based on actual future experience and changes to current or
future trends in the legal, social or economic environment. Such forward-looking
statements are based on numerous assumptions regarding the Group's present and
future business strategies and the environment in which the Group will operate
in the future. These forward-looking statements speak only as at the date of
this document or other information concerned. Alea Group Holdings (Bermuda) Ltd
expressly disclaims any obligations or undertaking (other than reporting
obligations imposed on us in relation to our listing on the London Stock
Exchange) to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any changes in the Group's expectations
with regard thereto or any change in events, conditions or circumstances on
which any such statement is based. References in this paragraph to the Group are
to Alea Group Holdings (Bermuda) Ltd and its subsidiaries from time to time.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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