Brit Insurance Holdings PLC 8.5% Convertible Unsecured Subordinated Loan Stock 2008

November 22, 2005

Brit Insurance Holdings PLC ('Brit' or 'the Company'), the UK-based international general insurer and reinsurer, announces that a total of 4,795,611 units of 8.5% Convertible Unsecured Subordinated Loan Stock 2008 ('CULS') were converted into 5,920,622 ordinary shares of 25p each in the Company ('Shares') on the final conversion date, 31 October 2005.
Following the expiry of the twenty-one day period during which the CULS were still technically capable of conversion under the terms of the Trust Deed constituting the CULS ('the Trust Deed'), all conversion rights have now ceased to be exercisable. In accordance with the Trust Deed, this loan stock will now be known as 8.5% Unsecured Subordinated Loan Stock 2008 ('ULS'). 40,309,683 units of ULS remain outstanding. The associated blocklisting of Shares is being cancelled.
Brit now has 980,817,305 Shares in issue and a further 3,285,575 Shares listed but unissued under a blocklisting in respect of the Company's share incentive schemes.
Brit further announces the following changes to the interests of directors and persons discharging managerial responsibility (PDMR) in the Company's Shares following the exercise of all their conversion rights:

Executive director:
Name Number of Shares allotted on conversion Registered holderTotal holding in Shares following conversion
N D Eckert 563,917Strand Nominees Limited6,600,946

PDMR:
Name Number of Shares allotted on conversion
R A Field 2,849

Back To News