Business
Proposed capital raise of ordinary shares
Proposed capital raise of ordinary shares.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n RNS Number : 0178M\n Hiscox Ltd\n 05 May 2020\n \n \n \n \n \n THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION IN THEM, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, JERSEY OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n LEI: 5493007JXOLJ0QCY2D70\n \n \n For immediate release\n \n \n \n \n \n 5 May 2020\n \n \n \n \n \n HISCOX LTD\n \n \n \n \n \n PROPOSED CAPITAL RAISE OF ORDINARY SHARES\n \n \n \n \n \n Hiscox Ltd (\"Hiscox\" or the \"Company\"), the international specialist insurer, today announces its intention to conduct a non-pre-emptive placing of new ordinary shares of 6.5 pence each (the \"Placing Shares\") in the capital of the Company (the \"Placing\"). In addition, in conjunction with the Placing, certain directors and members of senior management of the Company intend to subscribe for new ordinary shares in the capital of the Company (the \"Subscription Shares\"), at the Placing Price (as defined below), to contribute approximately £600,000 (the \"Subscription\"), of which approximately £150,000 is intended to be subscribed for by Bronek Masojada, Chief Executive Officer. The Placing and the Subscription are together referred to as the \"Capital Raise\". Together, the total number of Placing Shares and Subscription Shares (together, \"New Shares\") will not exceed 19.99 per cent. of the Company's existing ordinary share capital. \n \n \n The Placing will be conducted through an accelerated bookbuilding process (the \"Bookbuilding Process\") which will be launched immediately following this announcement. The Placing is subject to the terms and conditions set out in Appendix 1 to this announcement (which forms part of this announcement, such announcement and its appendices together being this \"Announcement\"). The Subscription Shares will be subscribed for on the basis agreed pursuant to subscription letters with the Company, rather than pursuant to the terms and conditions of t...