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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tellworth British Recovery & Growth Trust plc | BRIT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 280.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 280.25 |
| Top Posts |
|---|
Posted at 09/6/2015 01:53 by denbos Received my payment of 2.80 per share but no dividend of 25p ps. This is absolute financial scandal. The offer clearly stated 3.05 per share. I will be taking legal advice in future. |
Posted at 07/6/2015 08:31 by topvest Yes, received mine. Wonder whether BRIT will be listed a third time at some point otherwise, it's goodbye BRIT. |
Posted at 26/5/2015 09:22 by speedsgh Note no mention of a "final interim dividend payment" as I suspected (see post 160)... We should all at least be getting our money soon.Offer Declared Unconditional in All Respects - 2. Offer declared unconditional in all respects As all conditions relating to the Offer set out in the Offer Document have now been satisfied or waived, FGL is pleased to announce that the Offer has been declared unconditional in all respects. Accordingly, cash consideration will be paid within 10 days of the date of this announcement to those Brit Shareholders whose valid acceptances have already been received. Payment of cash consideration in respect of valid acceptances received after the date of this announcement will be made within 10 days after receipt of each such acceptance. Brit Shareholders who have not yet accepted the Offer are encouraged to do so without delay. Full details of how to accept the Offer are set out in the Offer Document, a copy of which is available on Fairfax's website at www.fairfax.ca/brito The Offer will remain open for acceptance until further notice (such notice not to be less than 14 days). 3. Level of acceptances As at 16:26 (London time) on 22 May 2015, FGL had received valid acceptances of the Offer in respect of 372,423,871 Brit Shares, representing approximately 93 per cent. of the existing ordinary issued share capital of Brit. |
Posted at 15/5/2015 08:25 by cwa1 Brit 283p to sell at moment. Will be asking for my shares back soon..... |
Posted at 08/5/2015 11:48 by denbos There seems to be a lot of shareholders tied to the offer. I believe that the 'tie' is only temporary. This is from the offer :Accepting shareholders should note that they will be able to withdraw their acceptance of the Offer at any time prior to the Offer becoming or being declared unconditional in all respects, but not thereafter. Acceptance of the Offer by a Brit Shareholder before the record date for the 2014 Dividends will not prevent that Brit Shareholder from becoming entitled to receive and retain such dividends. |
Posted at 24/4/2015 14:40 by speedsgh MartinC - I believe the offer has to go wholly unconditional. Previous announcement was only 'unconditional as to acceptances'."Subject to the Offer becoming or being declared unconditional in ALL respects, settlement of the consideration to which any Brit Shareholder is entitled under the Offer will be effected, in the case of acceptances received by the date on which the Offer becomes or is declared unconditional in ALL respects, within 14 calendar days of such date. Notwithstanding the foregoing, FGL will, to the extent practicable, pay for tendered Brit Shares within seven to ten calendar days from such date." AFAICS the offer to date has not been declared unconditional in ALL respects. |
Posted at 24/4/2015 08:44 by martinc Does anyone know when the cash should arrive? My Barclays account has changed my BRIT holding to "BRIA Brit (Assd Ffhl Grp Cash)", which suggests it's on the way. I've read the RNSs, and I thought it says settlement should be 14 working days after it goes unconditional. and I thought that had happened? |
Posted at 17/2/2015 08:31 by guernseymoney Can I please ask - are those that hold planning to sell now or wait for divi/buyout?280p plus dividend of ?? Am not sure what to do... ps: FT blurb as follows: Canadian insurance group Fairfax has swooped for Brit, agreeing to pay £1.2bn for the FTSE 250 insurer, less than a year after it was listed on the London Stock Exchange. The UK insurer remains majority owned by Apollo and CVC, which have been exploring ways of selling their remaining stake. The FT reported yesterday that a sale of Brit was close. Fairfax has obligingly tabled a 280p a share offer, and existing shareholders will also still receive a 25p cash dividend for 2014. That represents an 11.2 per cent premium on the closing share price yesterday. The board of Brit has unanimously recommended that shareholders accept the offer, and both Apollo and CVC have signed irrevocable undertakings to sell their shares. Prem Watsa, the Fairfax chairman and CEO known for contrarian bets on the eurozone periphery like the Bank of Ireland, said: We welcome Mark Cloutier and his market leading specialty insurance and reinsurance team at Brit to our expanding global specialty platform. Brit has an outstanding track record over the last ten years and will continue to operate on a decentralized basis once owned by Fairfax. With the acquisition of Brit, Fairfax will have a significant top five position at Lloyd's of London. We look forward to working with Mark and the entire Brit team to further develop their business over the longer-term. |
Posted at 16/2/2015 20:23 by guernseymoney from FT:The private equity backers of Brit are in detailed talks to sell the FTSE 250 insurance company less than a year after it launched on the stock exchange, according to people familiar with the matter. Bankers said several parties — including at least one based in North America — had expressed an interest in recent weeks in buying Brit, which is majority owned by buyout groups Apollo and CVC and has a market capitalisation of £1.1bn. An announcement about the future of the Lloyd’s of London insurer, which provides a wide range of specialist cover for areas from shipping to kidnapping, could come as early as Monday night, the people said. All parties declined to comment. A transaction would be the latest sign that mergers and acquisitions activity in the specialist insurance and reinsurance sector is heating up. Intense competition has depressed premiums in important lines of business, such as catastrophe reinsurance, encouraging underwriters to consolidate. New York-listed XL last month agreed to buy the largest Lloyd’s insurer, Catlin, for about £2.8bn. Three weeks ago, two New York listed insurers — Axis Capital and PartnerRe — agreed an $11bn merger. The sale of Brit could allow its private equity backers to generate higher returns than if they were to sell down their stakes further on the public markets. Apollo and CVC sold a quarter of their stake in Brit in an initial public offering last spring that raised £240m. The duo had acquired the company for £888m in 2011. Shares in Brit struggled after listing at 240p, slumping to as low as 204¾p within a month of the IPO. The insurer’s stock price has since recovered as deal activity has underscored the attraction of Lloyd’s underwriters to prospective buyers. The shares, which have also been supported by the prospect of a chunky dividend payout, closed at 274.4p on Monday. Apollo retains a 40 per cent stake and CVC a 34 per cent in the insurer, whose largest institutional shareholders include the BAE Systems pension fund and CCLA, which manages investments for local authorities and charities. Brit, chaired by the former Lloyd’s of London chief executive Richard Ward, has seen its shares continue to trade at a discount to its London-listed peers. While the company trades at a premium of 43 per cent to book value, Hiscox is on 81 per cent and Beazley 69 per cent. The insurer is expected to pay a special dividend when it discloses its debut results as a public company next week. Numis has pencilled in a special dividend of 4.2p a share on top of a basic payout of 18.7p. The broker forecasts Brit’s annual pre-tax profits will rise from £106m to £155m. Bankers are expecting more dealmaking in the industry. Smaller reinsurers of natural catastrophes that operate in Bermuda, and at the Lloyd’s of London market, are under particular strain. |
Posted at 30/1/2015 14:01 by speedsgh Dividend Policy from last year's Admission Document - "The Board believes that the Group’s RoNTA in 2012 and 2013 coupled with the capital buffer demonstrate the ability of the business to support a sustainable regular dividend for shareholders. The Board expects that any additional capital not required for profitable growth opportunities will likely be returned to shareholders, as has been the case in most recent years. The Group does not have a progressive dividend policy. Dividends (to the extent paid) are linked to past performance and future prospects, expected cash flows and working capital needs, as well as the availability of distributable reserves. The Board currently expects to declare a base interim dividend of £25 million for 2014, representing one-third of the expected annual dividend and paid in the third quarter of this year. The Group would expect to pay the remainder of the annual dividend in early 2015. The Group expects the regular dividend to be supplemented by special dividends when excess capital cannot be attractively deployed in order to maintain surplus capital within the target range of 120-140% of management entity capital requirements." |
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