Scottish Re Group Ltd (fka SKRRF)

[Enterprising Investor]

Closing most likely in July.

Dissenter's rights are one issue.

As discussed in the Information Statement, it is a condition to the obligation of the Investors and Merger Sub to effect the merger transaction that, in connection with the merger transaction, Ordinary Shareholders holding no more than 10% of the issued and outstanding Ordinary Shares (excluding any Owned Shares) have exercised dissenters’ rights under the laws of the Cayman Islands. In connection with the procedures set forth in the Information Statement, the Company received prior to the Extraordinary General Meeting notice of the intent to exercise dissenters’ rights from Ordinary Shareholders in excess of 10% of the outstanding Ordinary Shares (excluding Owned Shares). The Company has 20 days following the vote approving the merger to provide certain notice to these shareholders in accordance with the laws of the Cayman Islands, after which time, to pursue their dissenter's rights further notices need to be provided by these shareholders to the Company. It is not certain that all of the shareholders who submitted pre-meeting notices will pursue their dissenter's rights. At this time, neither the Investors nor Merger Sub have indicated whether they intend to waive compliance with this condition. In the event compliance with this condition is not waived by the Investors and Merger Sub, the merger transaction will not close.

In addition, the merger transaction remains subject to the receipt of certain U.S. and international governmental approvals or consents.

http://www.snl.com/irweblinkx/file.aspx?IID=4021224&FID=11326618