IGI Issues Notice of Redemption With Respect to its Outstanding Warrants
September 19 2023 - 8:45AM
Business Wire
International General Insurance Holdings Ltd. (“IGI” or the
“Company”) (Nasdaq: IGIC) announced today that it has issued a
notice of redemption pursuant to which it will redeem for cash all
of its outstanding warrants (“Warrants”) that were not tendered in
its recently expired warrant tender offer. All untendered and
unexercised Warrants will be redeemed on October 4, 2023 (the
“Redemption Date”). The redemption price will be US$0.86 per
Warrant (the “Redemption Price”).
Each Warrant entitles the holder thereof to purchase one common
share, par value $0.01 per share (a “Common Share”), for a purchase
price of $11.50 per Common Share, subject to adjustment. Any
Warrants that were not tendered in the Company’s recently expired
warrant tender offer may be exercised at any time until 5:00 p.m.
Eastern Time on the Redemption Date. Any Warrants that remain
unexercised at 5:00 p.m. Eastern Time on the Redemption Date will
be void and no longer exercisable and their holders will have no
rights with respect to those Warrants, except to receive the
Redemption Price. Of the total of 17,250,000 Warrants that are
outstanding, 16,552,030 Warrants were tendered in connection with
the Company’s tender offer and 697,970 Warrants remain untendered
and subject to redemption at the Redemption Price, unless exercised
prior to the Redemption Date.
The Common Shares and Warrants are listed on The Nasdaq Stock
Market LLC under the symbols “IGIC” and “IGICW,” respectively. On
September 18, 2023, the last reported sale price of the Warrants
was $0.97 and the last reported sale price of the Common Shares was
$11.26.
About IGI:
IGI is an international specialty risks commercial insurer and
reinsurer underwriting a diverse portfolio of specialty lines.
Established in 2001, IGI has a worldwide portfolio of energy,
property, general aviation, construction & engineering, ports
& terminals, marine cargo, marine trades, contingency,
political violence, financial institutions, general third-party
liability (casualty), legal expenses, professional indemnity,
D&O, marine liability and reinsurance treaty business.
Registered in Bermuda, with operations in Bermuda, London, Malta,
Dubai, Amman, Oslo, Kuala Lumpur and Casablanca, IGI aims to
deliver outstanding levels of service to clients and brokers. IGI
is rated “A” (Excellent)/Stable by AM Best and “A-”(Strong)/Stable
by S&P Global Ratings.
Forward-Looking Statements:
This press release contains “forward-looking statements” within
the meaning of the “safe harbour” provisions of the Private
Securities Litigation Reform Act of 1995, including statements
about the Redemption Price and Redemption Date related to the
Company’s redemption of its untendered and unexercised Warrants.
The expectations, estimates, and projections of IGI may differ from
actual results and, consequently, you should not rely on
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” “commitment,” and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results, including our ability
to consummate the Warrant tender offer; our ability to recognize
the anticipated benefits of the Warrant tender offer; changes in
applicable laws or regulations, including those that pertain to
tender offers and redemption of securities; and the possibility
that we may be adversely affected by legal and regulatory
developments and general market, political, economic and business
conditions. Most of these factors are outside of the control of IGI
and are difficult to predict. Other factors that may cause such
differences include, but are not limited to: (1) changes in demand
for IGI’s services together with the possibility that IGI may be
adversely affected by other economic, business, and/or competitive
factors globally and in the regions in which it operates; (2)
competition, the ability of IGI to grow and manage growth
profitably and IGI’s ability to retain its key employees; (3)
changes in applicable laws or regulations; (4) the outcome of any
legal proceedings that may be instituted against the Company; (5)
the potential effects of the COVID-19 pandemic and emerging
variants; (6) the effects of the hostilities between Russia and
Ukraine and the sanctions imposed on Russia by the United States,
European Union, United Kingdom and others; (7) the inability to
maintain the listing of the Company’s common shares on Nasdaq; (8)
the failure to realize the anticipated benefits of the acquisition
of EIO; and (9) other risks and uncertainties indicated in IGI’s
filings with the SEC. The foregoing list of factors is not
exclusive. In addition, forward-looking statements are inherently
based on various estimates and assumptions that are subject to the
judgment of those preparing them and are also subject to
significant economic, competitive, industry and other uncertainties
and contingencies, all of which are difficult or impossible to
predict and many of which are beyond the control of IGI. There can
be no assurance that IGI’s financial condition or results of
operations will be consistent with those set forth in such
forward-looking statements. You should not place undue reliance
upon any forward-looking statements, which speak only as of the
date made. IGI does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based except to the extent that is
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230919004232/en/
Investors: Robin Sidders, Head of Investor Relations T: +
44 (0) 2072 204937 M: + 44 (0) 7384 514785 Email:
robin.sidders@iginsure.com Media: Aaida Abu Jaber, AVP PR
& Marketing T: +96265662082 Ext. 407 M: +962770415540 Email:
aaida.abujaber@iginsure.com
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