Scottish Re Group Ltd (fka SKRRF)

[cdaniel394]

NEWS!

HAMILTON, Bermuda--(BUSINESS WIRE)--Scottish Re Group Limited (“Scottish Re” or the “Company”) (Pink Sheets: SKRRF - News) announced today that the expiration date of its previously announced cash tender offer for any and all of its outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference $25 per share (collectively, the “Perpetual Preferred Shares”), for a purchase price of $5.00 per share, has been extended to 5:00 p.m., New York City time, on June 23, 2010 (the “Expiration Date”). The Company plans to distribute a supplement to the Offer to Purchase (as defined below) to specifically incorporate by reference the unaudited Consolidated Financial Statements of Scottish Re Group Limited at and for the three-month period ended March 31, 2010 (and notes thereto). The Company expects these financial statements to be posted later today to the Company’s Web site at www.scottishre.com. In addition, the supplement will add as conditions to the Offer to Purchase (a) the approval by ordinary resolution of the holders of at least a majority of the shares entitled to vote at the Company’s upcoming Annual General Meeting (to be held prior to the Expiration Date) of the manner of purchase by the Company of any and all of the Perpetual Preferred Shares tendered pursuant to the Offer (as defined below), and (b) to the extent the Board of Directors of the Company believes that purchases of tendered Perpetual Preferred Shares pursuant to the Offer would cause one or more persons to own 10% or more of the outstanding Perpetual Preferred Shares following such purchase, the Company will reduce the number of Perpetual Preferred Shares purchased pursuant to the Offer on a pro rata basis among tendered Perpetual Preferred Shares to the extent necessary to prevent such persons from owning such 10% or greater amount.

As of 5:00 p.m., New York City time, on June 4, 2010, the Company had received valid tenders of approximately 193,606 Perpetual Preferred Shares.

The tender offer is being made pursuant to the Offer to Purchase, dated May 7, 2010 (as amended by the supplement referred to above when issued, and as it may be further amended and supplemented from time to time the “Offer to Purchase”), and the related Letter of Transmittal, dated May 7, 2010 (as it may be amended and supplemented from time to time, the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer”), which set forth the full details of the terms and conditions of the Offer. Except for the extension of the Expiration Date and the amendments to be described in the supplement referred to above, all of the other terms and conditions of the Offer to Purchase and Letter of Transmittal will remain unchanged.

BofA Merrill Lynch is serving as Dealer Manager for the Offer. Brokers and other persons with questions regarding the Offer are encouraged to contact BofA Merrill Lynch at [phone] or toll-free at [phone]. Requests for documents may be directed to D.F. King & Co., the Information Agent, at [phone] or [phone].

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Perpetual Preferred Shares or any other security. The Offer is made only by the Offer to Purchase and the Letter of Transmittal. The Offer is not being made to security holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the Dealer Manager on behalf of the Company.