Conduit Holdings Limited, the ultimate parent company of Conduit Re, a Bermuda-based reinsurance business, has disclosed the purchase of 150,000 shares by the Conduit Employee Benefit Trust (Conduit EBT). The shares, bought at a gross price of £5.2433 per share on the London Stock Exchange, are intended to be used for CHL employee share schemes. The Conduit EBT, a discretionary trust for the benefit of CHL and its subsidiaries' employees, now holds 4.847% of CHL's total voting rights. The Trustees will abstain from exercising voting rights unless directed by CHL.
The Executive Directors of CHL are beneficiaries of the Conduit EBT and are deemed interested in the share awards made to them. The Conduit EBT Trustee will abstain from voting unless directed by CHL, and if directed, CHL cannot dictate the manner in which the Trustee exercises its votes. The purchase was facilitated by Panmure Gordon (UK) Limited.
Conduit Re, a pure-play Bermuda-based reinsurance business with global reach, is licensed by the Bermuda Monetary Authority as a Class 4 insurer. A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- (Excellent) to Conduit Reinsurance Limited, with a stable outlook. Conduit Holdings Limited is listed on the London Stock Exchange (ticker: CRE).
For media contacts, H/Advisors Maitland can be reached at +44 (0) 207 379 5151, and for investor relations and other enquiries, contact [email protected]. Joint corporate brokers include Panmure Gordon (UK) Limited, Berenberg, and Peel Hunt. More information about Conduit Re can be found on their website and LinkedIn page.
This news was supplied by Euroland.com.