Brit Insurance Share Discussion Threads

[spob] 22/12/2010 13:59

yeah - mine was credited after complaints

1 whole week after pay date

[boadicea] 15/12/2010 08:51

Barclays have credited mine today.
In reply to query, their excuse was having to do a manual allocation from bulk payment received from BRE which should be within 5-7 workings days from formal payment date.

It should not be beyond possibility to computerise the operation.
All we can do is batter them with queries and complaints, or move our accounts, until they catch up with the rest of the world.

[deanforester] 13/12/2010 18:22

Got mine on the 8th Dec.

[txi] 13/12/2010 14:58

I have a SIPP with Hargreaves and I received the distribution on 7th.
I am really annoyed with Barclays as I have yet to recieve the money, I have called twice and the cheeky B.. sugested that Hargreaves might have paid the money into my account before they had received it - if I wasn't so mad I would have laughed at that suggestion. I intend writing to Barclays CEO and give him a piece of my mind.

[boadicea] 13/12/2010 10:01

Selftrade credited them on 8th. Barclays are usually (always?) slowest with credits.
BTW, it was not a dividend but a return of capital which it is necessary to note for income tax and cgt purposes.

[spob] 13/12/2010 09:27

Anyone received their 30p divi yet ?


Should have been paid on Dec 7th

Barclays have still not credited my account.

Barclays getting very sloppy paying dividends on time.

[scoble2] 26/10/2010 22:50

Hi
Thanks.

[deanforester] 26/10/2010 22:09

Yes, it went XD on Wednesday last week.

[scoble2] 26/10/2010 16:04

hi
If I sell now did I qualify for the dividend?

[deanforester] 26/10/2010 14:49

I decided to exit today. Too long to wait for a possible extra 25p.

As I only bought in May this year, my rate of return has been 130% p.a. with a 36% capital gain and two 30p dividends.

[spob] 26/10/2010 11:07

Will "Contract for difference" holders receive the delayed bonus payment ?

[0rb1t] 26/10/2010 10:29

The main payout will be within a couple of months I guess and then the bonus as a separate payment.

[spob] 26/10/2010 08:37

A long wait to hang around for that

Maybe i should take the money now and invest elsewhere

Decisions decisions ????






3. The Contingent Value Payment

The Contingent Value Payment of up to £0.25 in cash per Brit Share will become payable to accepting Brit Shareholders if Brit Insurance's audited consolidated net tangible asset value as at 31 December 2010, after adjustment for certain agreed items, is greater than £10.75 per Brit Share (using the Fully Diluted Share Capital, as determined on the CVP calculation date).

The full £0.25 per Brit Share will become payable if the Pro-forma 2010 Year End NTAV Per Share is equal to or greater than £11.00. The amount payable reduces on a linear sliding scale to the extent that the Pro-forma 2010 Year End NTAV Per Share is between £11.00 and £10.75. No CVP shall be payable if Brit Insurance's Pro-forma 2010 Year End NTAV Per Share is equal to or less than £10.75.

The amount of the CVP will be quantified within a short time frame after the audit of Brit Insurance's accounts for the year ending 31 December 2010.



The adjustments which will be applied to Brit Insurance's audited consolidated net tangible asset value as at 31 December 2010 for the purpose of evaluating the Pro-forma 2010 Year End NTAV Per Share include: adding (a) the aggregate amount of the £0.30 Capital Distribution to the extent it has been paid; (b) the net UK corporation tax benefit arising in respect of Brit Shares acquired under the Brit Share Schemes; and (c) the proceeds of the exercise prices of in the money options, and deducting: (a) the aggregate amount of reserve releases since 30 June 2010 which have been released from the reserves existing at 31 December 2009 to the extent that such amount is in excess of £20 million in aggregate; (b) Brit Insurance's fees, costs and expenses of the Offer and any competing transaction and the cost of bonuses relating thereto to the extent not already allowed for in Brit Insurance's audited accounts for the financial year ending 31 December 2010; (c) certain directors' and officers' insurance costs; and (d) a review of the carrying value of the investment in Ri3k Limited.

Accepting Brit Shareholders will, pursuant to the terms of the Offer, be entitled to receive the CVP (but only to the extent it is payable). The entitlement to receive any payment under the CVP is non-transferable and no security or certificate will be issued in connection with it.

Due to the influence of a number of external factors on the Brit Group, including potential catastrophe losses, foreign exchange rates and investment returns, Brit Shareholders should note that there can be no guarantee that Brit Shareholders will receive the maximum £0.25 per Brit Share, or any payment of the CVP at all.

A calculation of the Pro-forma 2010 Year End NTAV Per Share will be prepared by Brit Insurance following the audit of Brit Insurance's accounts for the year ending 31 December 2010, following which Achilles will be entitled to review the calculation (together with supporting documentation) and agree the Pro-forma 2010 Year End NTAV Per Share with the Independent Directors (or, if the calculation is finalised after the Offer becomes wholly unconditional, those Independent Directors who remain on the Brit Board at that date).

Achilles and Brit Insurance have agreed that the process for reviewing the draft calculation and agreeing (or, as the case may be, determining) the Pro-forma 2010 Year End NTAV Per Share will be completed within 20 business days of the approval of Brit Insurance's audited accounts for the year ending 31 December 2010 provided that the Offer has become or been declared unconditonal in all respects. Any dispute between Achilles and the Independent Directors in connection with the calculation of the Pro-Forma 2010 Year End NTAV Per Share will be referred to an independent firm of accountants, whose determination will be final and binding.

John Barton and Peter Hazell will remain independent directors on the Brit Board and Brit Insurance's audit committee to assist with and approve the CVP determination.

Achilles will pay the CVP (to the extent payable) within 14 days of the agreement (or, in the case of a dispute, the determination) of the Pro-forma 2010 Year End NTAV Per Share (or within 14 days of any subsequent acceptance).

Further details of the CVP memorandum which sets out the terms, including the agreed adjustments referred to above and the process for determining the CVP, will be set out in the Offer Document.

[0rb1t] 26/10/2010 08:29

It will be after the audited FY2010 accounts, so I guess Feb/Mar next year.

[spob] 26/10/2010 08:27

Regarding the possible 25p later payment

Anyone know what date that would be paid


Will i be still be able to receive this additional payment given i hold CFD as well as nominee shares ?

Anyone ?

[gorse] 26/10/2010 07:59

Goody, goody.

[spob] 25/10/2010 07:23

Brit Insurance to Get Formal Bid From Apollo, CVC on Monday, Times Reports

By Abigail Moses - Oct 24, 2010 10:35 AM GMT+0100 Tweet (3)LinkedIn Share
Business ExchangeBuzz up!DiggPrint Email .Apollo Global Management and CVC Capital Partners Ltd. are planning to make a formal takeover offer tomorrow for Brit Insurance Holdings NV, the Sunday Times reported, without saying where it got the information.

The total value of the bid will be between 851 million pounds ($1.3 billion) and 871 million pounds, the Times said.

The private equity firms agreed to pay 10.45 pounds a share and honor the 30 pence a share dividend to all investors, as well as pay an extra 25 pence a share depending on the insurer's financial performance at the end of the year, the newspaper said.

To contact the reporter on this story: Abigail Moses in London at [e-mail].

To contact the editor responsible for this story: Paul Armstrong at [e-mail].

[spob] 22/10/2010 12:35

from FT Alphaville


Brit Insurance

a rumour is knocking around in that

ahead of Monday's bidding deadline

Brit Insurance Holdings (BRE:LSE): Last: 1,017, down 1 (-0.10%), High: 1,020, Low: 1,015, Volume: 28.53kNH


BRIT INSURANCE (BRE LN) – An update on the potential buyout of BRE by Apollo and CVC is expected early next week, writes Deal Reporter.

Due diligence had been completed and the process now concerned regulatory issues.

The approvals process has taken longer than originally expected, it is understood, though one of the sources said that an additional extension of the deal was unlikely.

A deal would be comprised mostly of equity, with some debt funding "around the edges" to account for interim working capital needs, it is understood.

I think that's from Merger Market

[spob] 20/10/2010 17:36

offer now stands at 1070 ex div, pending year end NAV + 1100p

[spob] 20/10/2010 17:35

yep, 30p ex div today

[togo2] 20/10/2010 10:19

gorse xd dates are usually shown on co info .It will also appear on the price quote on brokers screen.

[investoree] 20/10/2010 09:45

togo2 as far as I can see they did go ex-dividend today with a capital repayment of 30pence (not dividend) being paid on 7th December 2010. The effect of this will be to reduce any takeover payment for the company by a similar amount.