Conduit Holdings Limited, the ultimate parent company of Conduit Re, a Bermuda-based reinsurance business, announced that the Conduit Employee Benefit Trust (EBT) has purchased 150,000 shares of USD 0.01 par value each on the London Stock Exchange at a gross price of £5.45 per share. The EBT is a discretionary trust for the benefit of employees of CHL and its subsidiaries, including the Executive Directors. The shares held in the EBT are intended to be used to satisfy awards made under the CHL employee share schemes.
Following this transaction, a total of 8,072,718 shares, representing 4.885% of CHL's total voting rights, are held in the Conduit EBT. The EBT Trustee will abstain from exercising its voting rights over the shares held by the EBT at any general meeting of CHL unless specifically directed by CHL. If CHL directs that the EBT Trustee may vote, CHL cannot direct the manner in which the EBT Trustee exercises its votes.
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. 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]. The joint corporate brokers are Panmure Gordon (UK) Limited, Berenberg, and Peel Hunt.
For more information about Conduit Re, visit their website at https://conduitreinsurance.com/.