Syncora Holdings Ltd. Comments on NYSE Delisting Notification
December 12 2008 - 4:30PM
PR Newswire (US)
HAMILTON, Bermuda, Dec. 12 /PRNewswire-FirstCall/ -- Syncora
Holdings Ltd. (NYSE:SCA) ("Syncora" or the "Company") today
announced that it was notified by the NYSE Regulation, Inc. that as
a result of the Company's common shares no longer meeting the New
York Stock Exchange ("NYSE") continued listing standards, the NYSE
will suspend trading of Syncora's common stock effective on the
NYSE's opening on December 17, 2008. Syncora does not intend to
appeal the NYSE's decision at this time and, consequently, it is
expected that the common stock will be delisted following the
NYSE's application to the Securities and Exchange Commission. In
particular, Syncora has been advised that its shares are out of
compliance with two of the NYSE's continued listing standards: i)
maintaining an average market capitalization of not less than $75
million over a consecutive 30 trading-day period and a
stockholders' equity of not less than $75 million, and ii)
maintaining an average closing price of not less than $1.00 over a
consecutive 30 trading-day period. The Company expects that its
common stock will be quoted on the Financial Industry Regulatory
Authority's over-the-counter bulletin board (the "OTCBB") and on
the Pink Sheets Inc.'s Pink Quote System (the "Pink Sheets"). A new
ticker symbol will be assigned on the day trading is suspended from
the NYSE. The delisting from the NYSE does not represent any change
in the Company's current strategic plan, in the negotiations with
the financial counterparties or in the involvement by the New York
State Insurance Department in the Company's operations. About
Syncora Holdings Ltd. Syncora Holdings Ltd. is a Bermuda-domiciled
holding company formerly known as Security Capital Assurance Ltd.
For more information, please visit http://www.syncora.com/.
Investors and Media Contact: Michael Gormley +1 441-279-7450
FORWARD-LOOKING STATEMENTS This release contains statements about
future results, plans and events that may constitute
"forward-looking" statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You are cautioned that these statements are not guarantees of
future results, plans or events and such statements involve risks
and uncertainties that may cause actual results to differ
materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: our ability to
continue as a going concern; higher risk of loss in connection with
obligations guaranteed by the Company due to deterioration in the
credit markets stemming from the poor performance of subprime
residential mortgage loans; the outcome of our negotiations with
the financial counterparties concerning the commutation,
termination, amendment or otherwise restructuring of their credit
default swap ("CDS") contracts and the expiration of their
forbearance; Syncora Guarantee Inc.'s ability to maintain minimum
required policyholders' surplus or positive policyholders' surplus;
the decision by our regulators to take regulatory action with
respect to the Company's operating subsidiaries at any time; the
availability of capital and liquidity, including risks associated
with the Master Transaction Agreement and related transactions and
agreements with the New York Insurance Department; developments in
the world's financial and capital markets that adversely affect the
performance of the Company's investments and its access to such
markets; changes in regulation, tax laws, legislation or accounting
policies or practices; delisting from the NYSE; limitations on our
net operating carry forwards; payment of terminations values under
CDS contracts; non-payment of premium and make whole payments by
policy holders and counterparties; challenge to the Master
Transaction Agreement and related commutations and releases; impact
of non-payment of dividends on the Company's series A preferences
shares on the Company's Board of Directors; the outcome of the
efforts to refund Jefferson County, Alabama's outstanding sewer
system debt and the outcome of related litigation; the performance
of invested assets, losses on credit derivatives or changes in the
fair value of CDS contracts, losses on the shares of XL Capital
Ltd.; recent and future rating agency statements and ratings
actions; the suspension of writing substantially all new business
and the Company's ability to continue to operate its business in
its historic form; the outcome of litigation; the timing of claims
payments and the receipt of reinsurance recoverables; greater
frequency or severity of claims and loss activity including in
excess of the Company's loss reserves; our assumptions concerning
the tax treatment of the transactions contemplated by the Master
Transaction Agreement and related agreements and related
transactions; the impact of provisions in business arrangements and
agreements triggered by the ratings downgrades; the impact of other
triggers in business arrangements including CDS contracts; changes
in officers and key employees; general economic conditions; changes
in the availability, cost or quality of reinsurance or
retrocessions; possible downgrade of the Company's reinsurers;
possible default by the counterparties to the Company's reinsurance
arrangements; the Company's ability to compete; changes that may
occur in Company operations and ownership as the Company matures;
and other additional factors, risks or uncertainties described in
Company filings with the Securities and Exchange Commission,
including in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2007, and also disclosed from time
to time in subsequent reports on Form 10-Q and Form 8-K. Readers
are cautioned not to place undue reliance on forward- looking
statements which speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to
reflect the impact of circumstances or events that arise after the
date the forward-looking statements are made. DATASOURCE: Syncora
Holdings Ltd. CONTACT: Investors and Media, Michael Gormley,
Syncora Holdings, +1-441-279-7450, Web site:
http://www.syncora.com/
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