Brit PLC TR1 Notification (8881P)
June 11 2015 - 4:24AM
UK Regulatory
TIDMBRIT
RNS Number : 8881P
Brit PLC
11 June 2015
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)
--------------------------------------------------
1. Identity of the issuer or Brit PLC
the underlying issuer
of existing shares to which
voting rights are
attached: (ii)
------------------------------------------------------ ----------------------------
2 Reason for the notification (please tick the appropriate
box or boxes):
------------------------------------------------------------------------------------
An acquisition or disposal of voting rights ü
------------------------------------------------------- ---------------------------
An acquisition or disposal of qualifying financial
instruments which may result in the acquisition
of shares already issued to which voting rights
are attached
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An acquisition or disposal of instruments with
similar economic effect to qualifying financial
instruments
------------------------------------------------------- ---------------------------
An event changing the breakdown of voting rights
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Other (please
specify):
----------------------------------------------------- ---------------------------
3. Full name of person(s) Fairfax Financial Holdings
subject to the Limited
notification obligation:
(iii)
------------------------------------------------------ ----------------------------
4. Full name of shareholder(s) FFHL Group Ltd.
(if different from 3.):(iv)
------------------------------------------------------ ----------------------------
5. Date of the transaction 9 June 2015
and date on
which the threshold is
crossed or
reached: (v)
------------------------------------------------------ ----------------------------
6. Date on which issuer 10 June 2015
notified:
------------------------------------------------------ ----------------------------
7. Threshold(s) that is/are
crossed or
reached: (vi, vii) 98%
------------------------------------------------------ ----------------------------
8. Notified details:
----------------------------------------------------------------------------------------------------------------------
A: Voting rights attached to shares (viii, ix)
----------------------------------------------------------------------------------------------------------------------
Class/type Situation previous Resulting situation after the
of to the triggering triggering transaction
shares transaction
if possible
using
the ISIN
CODE
------------- ----------------------------------- ------------------------------------------------------------------
Number Number Number Number of % of voting
of of of shares voting rights (x)
Shares Voting rights
Rights
------------- ---------------- ----------------- -------------- ----------------------- -------------------------
Direct Direct Indirect Direct Indirect
(xi) (xii)
------------- ------------ ------------- -------------- --------- ------------ ------------ -----------
Ordinary
Shares 390,464,636 390,464,636 Nil Nil 393,067,307 Nil% 98.01%
---------------- ----------------- -------------- --------- ------------ ------------ -----------
ISIN
GB00BKRV3L73
------------- ------------ ------------- ------------ ------- ------------ -------- ---------
B: Qualifying Financial Instruments
----------------------------------------------------------------------------------------------------------------------
Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------
Type of Expiration Exercise/ Number of voting % of voting
financial date Conversion rights that rights
instrument (xiii) Period (xiv) may be
acquired if
the
instrument
is
exercised/
converted.
----------------- -------------- --------------------------------- ------------------------- ---------------------
C: Financial Instruments with similar economic effect
to Qualifying Financial Instruments (xv, xvi)
----------------------------------------------------------------------------------------------------------------------
Resulting situation after the triggering transaction
----------------------------------------------------------------------------------------------------------------------
Type of Exercise Expiration Exercise/ Number of voting % of voting
financial price date Conversion rights instrument rights (xix,
instrument (xvii) period refers to xx)
(xviii)
--------------- -------------- --------------- ---------------- ------------------------- -----------------------
Nominal Delta
--------------- -------------- --------------- ---------------- ------------------------- ------------ ---------
Total (A+B+C)
----------------------------------------------------------------------------------------------------------------------
Number of voting rights Percentage of voting rights
---------------------------------------------------- ----------------------------------------------------------------
393,067,307 98.01%
---------------------------------------------------- ----------------------------------------------------------------
9. Chain of controlled undertakings through which the
voting rights and/or the
financial instruments are effectively held, if applicable:
(xxi)
-------------------------------------------------------------------------------------------------
The ordinary shares of Brit PLC are subject to a takeover
offer made by FFHL Group Ltd. (the Offer), the full
terms and conditions of which were published in an offer
document on 16 March 2015 (the Offer Document). FFHL
Group Ltd. is a wholly owned entity of Fairfax Financial
Holdings Limited.
On 26 May 2015, the Offer was declared unconditional
in all respects, and FFHL Group Ltd. unconditionally
contracted to acquire 372,173,871 ordinary shares in
Brit PLC. As a result, FFHL Group Ltd. became entitled
to direct the exercise of 92.93% of the voting rights
in Brit PLC, triggering a notification requirement on
such date.
Subsequently, on 27 May 2015, FFHL Group Ltd. unconditionally
contracted to acquire an additional 15,458,768 ordinary
shares in Brit PLC, due to further acceptances of the
Offer. Accordingly, FFHL Group Ltd. thereby unconditionally
contracted to acquire an aggregate of 387,632,639 ordinary
shares in Brit PLC. Additionally, Brit PLC allotted
a further 604,746 ordinary shares on 27 May 2015, increasing
the issued share capital of Brit PLC from 400,452,960
to 401,057,706. As such, FFHL Group Ltd. became entitled
to direct the exercise of an aggregate of 96.65% of
the voting rights in Brit PLC, triggering a further
notification requirement on such date.
Subsequently, by 1 June 2015, FFHL Group Ltd. had unconditionally
contracted to acquire an additional 2,831,997 ordinary
shares in Brit PLC, due to further acceptances of the
Offer. Accordingly, FFHL Group Ltd. thereby unconditionally
contracted to acquire an aggregate of 390,464,636 ordinary
shares in Brit PLC, and became entitled to direct the
exercise of an aggregate of 97.35% of the voting rights
in Brit PLC, triggering a further notification requirement
on such date.
Further to the above transactions, by 9 June 2015, FFHL
Group Ltd. had unconditionally contracted to acquire
an additional 2,602,671 ordinary shares in Brit PLC,
due to further acceptances of the Offer. Accordingly,
FFHL Group Ltd. had unconditionally contracted to acquire
an aggregate of 393,067,307 ordinary shares in Brit
PLC, and became entitled to direct the exercise of an
aggregate of 98.01% of the voting rights in Brit PLC,
triggering a further notification requirement.
Proxy Voting:
-------------------------------------------------------------------------------------------------
10. Name of the proxy holder:
---------------------------------------------------------------------- -------------------------
11. Number of voting rights proxy
holder will cease
to hold:
---------------------------------------------------------------------- -------------------------
12. Date on which proxy holder will
cease to hold
voting rights:
---------------------------------------------------------------------- -------------------------
13. Additional information:
-------------------------------------------------------------------- ---------------------------
14. Contact name: Paul Rivett, President
Derek Bulas, AVP, Legal
-------------------------------------------------------------------- ---------------------------
15. Contact telephone number: Tel: +1.416.367.4941
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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