Scottish Re Group Limited Announces Expiration of Tender Offer and Acceptance of 193,917 of its Non-Cumulative Perpetual Preferred Shares
Last update: 6/24/2010 8:46:00 AM
HAMILTON, Bermuda, Jun 24, 2010 (BUSINESS WIRE) -- Scottish Re Group Limited (Pink Sheets:SKRRF) (the "Company") announced today that the tender offer made by the Company pursuant to an Offer to Purchase, dated May 7, 2010 (as the same was subsequently amended and supplemented on June 8, 2010, the "Offer to Purchase"), and the related Letter of Transmittal, dated May 7, 2010 (together with the Offer to Purchase, the "Offer"), expired at 5:00 p.m., New York City time, June 23, 2010 pursuant to the terms of the Offer. The Offer had been made to purchase for cash any and all of the outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference of $25 per share (collectively, the "Perpetual Preferred Shares").
The Company received the requisite authorization at its Annual General Meeting of Shareholders held on June 22, 2010, in Hamilton, Bermuda, of the manner of purchase by the Company of any and all of the Perpetual Preferred Shares tendered for repurchase pursuant to the Offer.
In connection with the Offer, holders of 193,917 Perpetual Preferred Shares, with an aggregate liquidation preference of $4,847,925, tendered their Perpetual Preferred Shares (the "Tendered Perpetual Preferred Shares") and the Company accepted for purchase all such Tendered Perpetual Preferred Shares. Settlement of the Tendered Perpetual Preferred Shares is expected to occur on June 28, 2010.
Following settlement and subsequent cancellation of the Tendered Perpetual Preferred Shares, there will remain outstanding 4,806,083 Perpetual Preferred Shares, with an aggregate liquidation preference of $120,152,075.
About Scottish Re
Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Ireland and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its Web site, .
SOURCE: Scottish Re Group Limited
Scottish Re Media and Investor Contact Dan Roth, Chief Financial Officer, 441-298-4373
