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| SECURITY DESCRIPTION: LaSalle Re Holdings Ltd, 8.75% Series A Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/27/2007 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.75% ($2.1875) per annum paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the date fixed by the board, not more than 60 days or less than 30 days prior to the payment date. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. LaSalle Re Holdings Ltd has merged into Trenwick Group Inc. (NYSE: TWK) effective 9/27/2000. |
| Stock Exchange | Cpn Rate Ann Amt | LiqPref CallPrice | Call Date Matur Date | Moodys/S&P Dated | Distribution Dates | 15% Tax Rate |
|---|---|---|---|---|---|---|
| OTOTC Chart | 8.75% $2.1875 | $25.00 $25.00 | 3/27/2007 None | WR / NF 1/29/09 | Suspended! 3/1, 6/1, 9/1 & 12/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date | Yes |
| Notes: Nov. 29, 2002--Trenwick Group Ltd. announced today that, in accordance with the terms of Trenwick's current credit facility and forbearance agreement with its letter of credit providers, Trenwick has elected to suspend, with immediate effect and for an indefinite period, dividends or distributions payable on the outstanding Trenwick Group Ltd. Series B Cumulative Convertible Perpetual Preferred Shares, LaSalle Re Holdings Limited's Series A Preferred Shares and Trenwick Capital Trust I 8.82% Exchange Subordinated Capital Income Securities. |
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4.
Timing and quantum of the initial preference liquidation dividend to the Company’s Series A Preferred Shareholders
Under the Company’s constitutional documents, the Company’s Series A Preferred Shareholders are entitled to receive:
i. a preference dividend in a liquidation of $25 per share; and
ii. accrued but unpaid dividends in a liquidation prior to payments to other shareholders.
The Funds available for distribution to shareholders of the Company will be paid to holders of the Company’s Series A Preferred Shares in priority to the Company’s common shareholders to the extent described above.
The initial distribution to the Company’s Series A Preferred Shareholders will total approximately $31.5 million. This equates to $10.50 for each Series A Preferred Share of the Company.
This preference dividend is payable on July 28, 2008 to the holders of Series A Preferred Stock of record on the books of the Company at the close of business on July 17, 2008.
5. Estimated timing of further dividends to the Company’s Series A Preferred
Shareholders
This initial distribution to the Company’s Series A Preferred Shareholders represents a distribution of substantially all of the assets of the Company.
However, the Company still has a small number of contingent assets which may result in further realizations for the estate in the future. Depending on the outcome of the realisation efforts, an additional distribution to the Company’s preferred shareholders may be made prior to the formal dissolution of the Company.
It is anticipated that any further distributions to Series A Preferred Shareholders will occur within 12 months, although the exact timing and the quantum of any further distribution is uncertain.
http://www.sec.gov/Archives/edgar/data/1001384/000095014208001284/form8k_070708.htm
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