Aston Martin Lagonda Glo... Share Discussion Threads

[gorse] 28/2/2008 07:59

No, I hold ... and the results seem very good to me.

[spob] 28/2/2008 07:51

looks like i'm the only one here to enjoy these exceptional results :)

[spob] 28/2/2008 07:48

overall combined ratio of 63% (2006:72%) is exceptional.

[spob] 27/2/2008 18:17

Full year results tomorrow

[spob] 27/2/2008 17:54

From the FT market report today

Wednesday 27 Feb 08

regarding Tuesdays trading...

" There was heavy trading in Amlin, the Lloyd's of London insurer, which advanced 7.2% to 292.5p as rumours of a bid approach swirled the market "

[spob] 06/2/2008 18:57

21 August 2008
Announcement of interim results for the six months ended 30 June 2008
Mid May 2008 Payment of 2007 final dividend (subject to shareholder approval)
24 April 2008 2008 Annual General Meeting
28 February 2008 Announcement of Group results for the year ended 31 December 2007

[spob] 16/1/2008 10:20

Amlin Announcement of Results of Return of Capital





Amlin PlcAnnouncement of the results of the Return of CapitalAs announced on 12 December 2007, Amlin plc ("Amlin") approved a return of
capital of approximately £120.4 million to shareholders by way of a B share
issue combined with a consolidation of Amlin's existing ordinary shares on the
basis of 8 new ordinary shares for 9 existing ordinary shares (the "Return of
Capital"). The new ordinary shares were issued and commenced trading on 17
December 2007.
As part of the Return of Capital, shareholders were given the following choices: -- to have their B shares redeemed for 22.4 pence each (the default
alternative in the absence of any election to the contrary); and/or -- to take an initial dividend of 22.4 pence in respect of each of their B
shares; and/or -- to retain their B shares for redemption in the future.
Amlin today announces that shareholders holding in aggregate: -- 423,449,598 B shares (representing 78.79% of the total number of B
shares issued) have elected by default to have their B shares redeemed
and accordingly 423,449,598 B shares were redeemed on 14 January 2008; -- 102,635,603 B shares (representing 19.10% of the total number of B
shares issued) have chosen to receive the initial dividend; and -- 11,379,418 B shares (representing 2.11% of the total number of B shares
issued) have chosen to retain their B shares to be redeemed in the
future on 1 August 2008, 2 February 2009 and/or 3 August 2009 (or such
later dates as the directors may determine).
Payments in respect of the B shares redeemed on 14 January 2008 will be settled
through the CREST system on 17 January 2008 or, for certificated holders,
cheques are expected to be despatched on 17 January 2008. The initial dividend
declared as at 14 January 2008 will be settled either by cheque or directly to
shareholders' mandated accounts where applicable, also on the 17 January 2008.
The B shares on which the initial dividend was declared were converted on 14
January 2008 into deferred shares and will shortly be redeemed, as envisaged in
the circular to shareholders dated 16 November 2007 - ENDS -Enquiries:Charles Pender, Company Secretary, Amlin plc 020 7746 1000

[typo56] 17/12/2007 08:17

Amlin have effectely opened down over 3% this morning. Friday's closing price of 306.75p should equate to about 320p, taking account of the return of capital and consolidation.

[spob] 14/12/2007 11:48

FT Alphaville


PM
How about Kiln?

RO
Kiln has agreed deal with Tokio Marine & Nichido

RO
150p a share takeover

RO
Was in the market last couple of days - no great surprise

PM
This is a lloyds broker of course

PM
£442m deal

PM
So Japanese financial institutions DO takeover British financial houses (see CLST)

RO
Quite a bit on consolidation going on in the Lloyds market right now.

PM
How has Kiln reacted?

RO
Shares up another 17p to 146p.

RO
This is from Numis.

RO
150p recommended cash offer by Tokio Marine

Tokio offer highlights the strategic attraction of London and underpins current valuations.


Cash offer: Kiln has announced a recommended cash offer from Tokio Marine & Nichido Fire
Insurance Company (TMNF). The offer price of 150p values Kiln at approximately £442m.
WR Berkley has signed an irrevocable undertaking to accept for its 20% stake. Under the
terms of the deal, the previously announced share buyback of £60m will be cancelled.
RO
Numis view: We believe the Offer price of 150p is a good deal for shareholders. The Offer
values Kiln at a healthy premium to the sector and is 11% ahead of our previous target price
of 135p. The Offer price equates to a 2008 P/E of 9.4x (the most useful metric in our view)
and 2007 P/NTA rating of 1.71x (before dividends) compared to an average for the sector of
around 7.0x and 1.5x respectively. By way of comparison, Atrium was acquired by Ariel in
July at a P/NTA of 1.74x and 2008 P/E of 7.5x.
RO
M&A read-across: In our view this deal highlights the strategic attraction of both Lloyd's and
London for international companies looking to expand (not just Bermudans). As we have
previously argued, we believe it is the right stage of the cycle to expect further consolidation,
with organic growth becoming harder to achieve and surplus cash emerging from successive
record underwriting years. As highlighted earlier in the week, we believe other companies in
the sector could attract interest and suggest that background possibility of M&A will help drive
attractive shareholder returns over the next twelve months.

[spob] 14/12/2007 09:51

FT

Tokio Marine and Kiln: Now Japanese insurers get acquisitive

An unusual bit of activity from Japan's rather quiet insurance sector with the acquisition, announced Friday, by Tokio Marine & Nichido Fire Insurance, Japan's biggest non-life insurer, of Kiln, a Lloyds of London insurer for £442m.

It was billed as the largest overseas acquisition by a Japanese insurance group - although we'd add, it's one of the only ones to chose from.
The deal highlights the attractiveness of businesses at Lloyds to overseas buyers. Two of the market's insurers have been bought by Bermudan interests this year. It is also the strongest signal yet of the expansionary ambitions of Millea Holdings, Tokio Marine's parent company, reports the FT on Friday.

Undoubtedly, Japanese insurers are also registering the growing appetite among China's insurers for overseas acquisitions, and Beijing's moves to lift the previous 5 per cent limit on overseas investments by domestic insurers. Already, Ping An, China's third-largest insurer, has bought a 4.2 per cent stake in Belgo-Dutch financial services group Fortis and its bigger rival China Life has indicated it is seeking overseas acquisition targets.

Kiln CEO Edward Creasy told Bloomberg on Friday that the deal with Tokio Marine is "the perfect match". Kiln had been talking to Millea and "one or two others" for the last few months, he added, declining to name the other companies.

Tokio Marine is paying 150 pence a share, or a 16 per cent premium to Kiln's closing share price on Thursday of 129 pence and a 33 per cent premium to the average share price in the past year, to take 100 per cent of the UK insurer.

The all-cash deal for the fourth largest Lloyds managing agency highlights the Japanese group's intention to use its substantial assets to build up its overseas operations. It also builds on the business ties Tokio has forged with Kiln over four decades.

Shuzo Sumi, president of Millea Holdings, Tokio Marine's parent company, has indicated his ambition to increase the group's revenues from overseas businesses from a forecast 13 per cent next year to 20-25 per cent by 2010.

The Japanese insurer, which has business in 36 countries, has focused on entering into emerging markets through M&A and has expanded its insurance and re-insurance business in Bermuda, the UK and US mainly through organic growth.
It has acquired Real Seguros in Brazil and Asia General Holdings in Singapore and has invested in four other insurance groups, including two in China.

Kiln, which provides energy, marine, property and aviation coverage, plans to reduce underwriting in the London market next year amid more competition and falling prices, reports Bloomberg, noting that property and casualty insurers have retrenched amid declining premiums following last year's benign storm season.

Kiln shares rose 17 pence, or 13 per cent, to 146 pence in London morning trading, valuing the company at £426m, while Millea shares dropped 4.5 per cent to Y3,590 on the Tokyo Stock Exchange, the lowest since October 2005. The stock has declined 15 per cent this year, compared with a 11 per cent drop by the benchmark Topix index.

This entry was posted by Gwen Robinson on Friday, December 14th, 2007 at 9:21 and is filed under M&A, Capital markets. Tagged with Kiln, Millea, Tokio Marine. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

[solomonthewise] 07/12/2007 11:49

Nice to see management associated peeps putting their well-earned on the line...see RNS issued today.

Sol

[spob] 30/11/2007 00:25

Subprime storm batters insurer Catlin

Brian O'Connor, Daily Mail
29 November 2007, 8:47am

Insurer Catlin came through the hurricane season unscathed - except for Hurricane Subprime.

It is writing 86% off the value of its subprime related securities, slashing them from £41m to £6m.

This will heighten fears of hits to other insurers, coming soon after a shock £500m credit crisis loss at reinsurance giant Swiss Re. Catlin has a £2.8bn investment portfolio, of which £51m was hit by the US mortgage meltdown. It sold the best of these for £10m, but thinks the rest are worth only 14p in the pound.

Fortunately for chief executive Stephen Catlin, the setback comes when the group is trading strongly, helped by the second successive year of mild weather in the Caribbean. Catlin's modelling shows a storm in Miami, Florida could do £48bn of damage. In the absence of such a calamity, its premium income for the first nine months more than doubled to £1.3bn following its merger with Wellington Underwriting.

On Wednesday, Catlin shares rose 12p to 411¼p but were valued at over £5 two weeks ago, before Swiss Re shocked the sector with losses on credit default products. Could other insurers be hit? Numis analyst Richard Gradidge says: 'It depends how far this crisis spreads'. Catlin has dealt with its sub prime stuff, but has another £300m in mortgage-backed securities.

Most insurers prefer to put investment portfolios into bonds, considering shares too risky. The danger is that some were sucked into higher return bonds backed by mortgages. Of the UK quoted firms, Beazley and Amlin have disclosed modest exposures. KBC Peel Hunt's analyst Charles Coyne says: 'There is more to come.'

• Royal Bank of Scotland's US bank Citizens is halting mortgage loans through brokers to focus on direct lending. Many other US banks have cut back on lending through brokers, since many loans turned sour.

[spob] 29/11/2007 06:54

Amlin Fundamentals

Price 313p

Year Ending Revenue (£m) Pre-tax (£m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-02 a717.10 a55.40 14.10p 8.4 n/a n/a 2.00p 1.7%
31-Dec-03 a937.40 a120.30 21.60p 5.9 0.1 +53% 2.50p 2.0%
31-Dec-04 883.70 128.90 23.40p 6.0 0.8 +8% 8.00p 5.7%
31-Dec-05 n/a 186.70 34.30p 7.2 0.2 +47% 10.20p 4.1%
31-Dec-06 n/a 342.70 50.40p 6.5 0.1 +47% 12.00p 3.7%

a. Based on UK GAAP presentation of accounts - includes discontinued activities

Amlin Forecasts
Year Ending Revenue (£m) Pre-tax (£m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-07 1,055.55 351.82 49.61p 6.3 n/a -2% 16.13p 5.4%
31-Dec-08 1,032.20 273.49 40.83p 7.6 n/a -18% 16.38p 5.5%

[holts] 16/11/2007 20:12

but i only have a few

[spob] 16/11/2007 16:06

A Cash return allows them to cash in part of their shareholdings without appearing to sell shares.

[spob] 16/11/2007 15:52

Do the Amlin directors have large shareholdings in this company ?

[pricemilne5] 16/11/2007 13:02

Can someone please explain how this return of equity benefits long term holders, because i can't understand how we gain!!! thanks in advance!

[jonthebaptist] 14/11/2007 18:05

we should see these break out to a new range of 350 375 v soon
very cheap at present!!!!

[mmaggiore] 14/11/2007 13:15

"The B Shares will not be listed or tradable on the London Stock Exchange.
Pursuant to the Return of Capital, and conditional on shareholder approval on 12 December 2007, each shareholder will receive one B Share for every existing
ordinary share held on 14 December 2007"

so make sure you buy the shares on 14/12, at the very latest ;-)
After that...

"It is anticipated that shareholders will receive their cash with respect to B
Shares elected for alternatives (i) or (ii) above on 17 January 2008"

As the B shares are not tradeable you'll have the option to redeem them at the dates the company will specify later on in the year, or just get your cash in January.

The above dates could be subject to change, so if I were you I would keep an eye on the company website

[robsy2] 14/11/2007 12:17

So If I buy the shares today will I get the cash back or is it too late?

[mmaggiore] 14/11/2007 11:32

More good news would be an increase in gross written premium. I believe this is what the market really wants to see and therefore the share price will keep trading at a discount to the sector for as long as the gross w p keeps dicreasing...The return of cash is a wise and shareholder-friendly decision, but apparently this is not enough for Mr. Market.

[spob] 14/11/2007 11:30

excellent results

i don't want any cash back thanks

i'll only be using it to buy back the shares

it's just an inconvenience

[solomonthewise] 14/11/2007 09:41

More good news today (IMHO,DYOR)
SOL


Regulatory Announcement
Go to market news section Order free annual report View chart
Company Amlin PLC
TIDM AML
Headline Return of Capital
Released 07:02 14-Nov-07
Number 6710H

RNS Number:6710H
Amlin PLC
14 November 2007



AMLIN PLC

PRESS RELEASE

For immediate release

14 November 2007


Announcement of return of capital of £120 million

Amlin plc ("Amlin" or the "Company") announces that it will, subject to
shareholder approval at an extraordinary general meeting to be held on 12
December 2007 ("EGM"), return approximately £120 million of capital to
shareholders (the "Return of Capital"). This equates to 22.4 pence per ordinary
share. Amlin's third quarter trading statement is also being announced
separately today.

The Company is in a financially robust position following a number of years of
strong financial performance and the issuance of long term debt capital in 2006.
Having reviewed the Amlin group's ongoing capital requirements, taking account
of Amlin's desire to be able to respond to opportunities to enhance long term
growth, the Board considers that Amlin is now in a position to make this Return
of Capital to shareholders.

The Return of Capital is being made through an issue of B Shares combined with a
consolidation of Amlin's existing ordinary shares. The benefits of this
combination include: equality of treatment as between shareholders; certainty of
cash return (subject to approval at the EGM); and an enhancement of the per
share dividend paying capacity by reducing the number of ordinary shares in
issue. It also maintains the net tangible assets ("NTA") per share at near to
the same level as before the Return of Capital. Furthermore, through offering
three alternatives to shareholders as set out below, it provides flexibility for
many UK shareholders in terms of tax treatment by allowing them a choice as to
when and in what form they receive the return.

The B Shares will not be listed or tradable on the London Stock Exchange.
Pursuant to the Return of Capital, and conditional on shareholder approval on 12
December 2007, each shareholder will receive one B Share for every existing
ordinary share held on 14 December 2007.

The three alternatives to be given to shareholders with respect to their B
Shares are:

(i) to have some or all of their B Shares redeemed by Amlin on the
first redemption date at 22.4 pence per B Share; and/or

(ii) to receive an initial B Share dividend of 22.4 pence per B Share
in respect of some or all of their B Shares, following which those B
Shares will convert into deferred shares; and/or

(iii) to retain some or all of their B Shares with the opportunity to
have such remaining B shares redeemed on specified dates up to August
2009 for 22.4 pence per B Share.

It is anticipated that shareholders will receive their cash with respect to B
Shares elected for alternatives (i) or (ii) above on 17 January 2008.

The terms of the share capital consolidation are that ordinary shareholders will
receive 8 new ordinary shares in place of every 9 existing ordinary shares they
own at 6pm on 14 December 2008. The share capital consolidation is expected to
take effect, and the newly consolidated ordinary shares are expected to start
trading on the London Stock Exchange, at 8am on 17 December 2007.

The Directors believe that the shares of the Company and similar insurers are
generally valued by the market in relation to NTA per share. Accordingly, the
share capital consolidation is being calculated by reference to the last
published NTA as at 30 June 2007 with the intention that the NTA per new
ordinary share after the share capital consolidation is approximately equal to
the NTA per existing ordinary share beforehand. The NTA as at 30 June 2007 was
£918 million.

The effect of this share capital consolidation will be to reduce the number of
issued ordinary shares but shareholders will own the same proportion of Amlin as
they did previously, subject to fractional entitlements.

Full details of the Return of Capital will be set out in a circular expected to
be despatched to Amlin shareholders on or around 16 November 2007.

The Board of Amlin is being advised on the Return of Capital by Hoare Govett
Limited.

Enquiries:

Charles Philipps, Chief Executive, Amlin plc 0207 746 1000
Richard Hextall, Finance Director, Amlin plc 0207 746 1000
Hannah Bale, Head of Communications, Amlin plc 0207 746 1000
Bob Cowdell, Hoare Govett Limited 0207 678 8000
John MacGowan, Hoare Govett Limited 0207 678 8000
Peter Rigby/David Haggie, Haggie Financial Limited 0207 417 8989




This information is provided by RNS
The company news service from the London Stock Exchange

END