Disposal
02 Juli 2003 - 9:00AM
UK Regulatory
RNS Number:0442N
Benfield Group Limited
02 July 2003
Benfield Group Limited
2 July 2003
Partial Disposal of Investment in Montpelier Re Holdings Limited
In its listing particulars dated 13 June 2003, Benfield Group Limited
("Benfield" or the "Company") stated that it had elected to sell up to the
entire holding of 1,500,000 common shares in Montpelier Re Holdings Limited
("Montpelier"), held by its wholly owned subsidiary Benfield Holdings Limited,
as part of a secondary offering of Montpelier's common shares.
Following completion of this offer, Benfield announces that it has disposed of
947,479 common shares of Montpelier at a price of US$30.50 per common share in
the offer. Benfield's resultant holdings in Montpelier will comprise 552,521
common shares and warrants to acquire a further 2.4 million common shares.
Benfield will receive net proceeds of US$27.7 million from the disposal. The
initial cost to the Company of its total investment in Montpelier (including the
warrants referred to above) was US$25.0 million.
Contacts:
Benfield
Grahame Chilton, Chief Executive 020 7578 7000
John Whiter, Chief Financial Officer 020 7578 7000
David Bogg (media) 020 7522 4016
Alison Burgess (media) 020 7578 7047
Julianne Jessup (investors) 020 7578 7425
Haggie Financial (media) 020 7417 8989
David Haggie
Peter Rigby
Financial Dynamics (investors) 020 7831 3113
Robert Bailhache
Alex Child-Villiers
Geoffrey Pelham-Lane
Notes to Editors
Benfield is a leading global reinsurance intermediary and risk advisory
business. Our customers include many of the world's major insurance and
reinsurance companies as well as government entities. Our business philosophy is
founded on working in partnership with our customers to enhance their success.
Benfield employs over 1,600 people based in more than 30 locations worldwide.
www.benfieldgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISVFLFBXDBBBBE