REG - Conduit Holdings Ltd - $50 million Share Buyback Programme

Conduit HoldingsAnnouncement

19/05/2025 07:00

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RNS Number : 1182J  Conduit Holdings Limited  19 May 2025

Pembroke, Bermuda - 19 May 2025

Conduit Holdings Limited

("Conduit Holdings" or "CHL" LSE ticker: CRE)

$50 million Share Buyback Programme

Conduit Holdings, the ultimate parent company of Conduit Re, a multi-line
Bermuda-based reinsurance business, today provides further details of the
share buyback programme of up to $50 million which was announced on 14 May
2025 (the "Buyback Programme").

Panmure Liberum Limited ("PL") has been appointed by CHL to execute and manage
independently repurchases of up to $50 million of common shares of $0.01 each
in the capital of CHL (the "Common Shares"), within set parameters, through
on-market purchases under the Buyback Programme.

The purpose of the Buyback Programme is to return additional capital to
shareholders, in line with CHL's capital management strategy. The Buyback
Programme will be funded from CHL's existing cash resources and all Common
Shares repurchased will be held in treasury. Pursuant to the shareholder
authority obtained at Conduit Holdings' AGM held on 14 May 2025, treasury
shares can be re-sold for cash, cancelled or used for the purposes of CHL's
2023 Long Term Incentive Plan or any future approved employee share schemes.
Repurchases may be made up to and including the conclusion of CHL's 2026
Annual General Meeting (the "2026 AGM") or at 6.00 p.m. (Atlantic time) on 14
August 2026, whichever is sooner (unless the Buyback Programme is terminated
earlier).

Conduit Holdings has given PL an irrevocable instruction to make market
purchases of Common Shares on its behalf independently. In accordance with
Article 5(1) of Regulation (EU) No 596/2014 Conduit Holdings will not purchase
on any trading day more than 25% of the average daily trading volume of the
Common Shares calculated based on the 20 trading days preceding the date of
purchase of such Common Shares. The Buyback Programme will run from the date
of this announcement until the earlier of the Conduit Holdings 2026 AGM and 14
August 2026, unless terminated earlier. PL will make its trading decisions in
relation to the Common Shares independently of Conduit Holdings.

Conduit Holdings intends to conduct the Buyback Programme within the
limitations of the shareholder authority obtained at Conduit Holdings' AGM
held on 14 May 2025 under which the maximum price (exclusive of expenses)
which may be paid for a Common Share shall not be more than the higher of: (i)
an amount equal to 105 per cent. of the average middle market quotations for a
Common Share, as derived from the London Stock Exchange Daily Official List,
for the five business days immediately preceding the day on which the Common
Share is purchased; and (ii) an amount equal to the higher of the price of the
last independent trade of a Common Share and the highest current independent
bid for a Common Share as derived from the London Stock Exchange Trading
System.

The Buyback Programme may be suspended and/or cancelled, subject to market
factors, and there is no guarantee that the Buyback Programme will be executed
in full or that any repurchases will be made.

Conduit Holdings confirms that it is not in possession of any inside
information and is not in a closed period.

LEI: 21380085AE62D1BXSF19

Media contacts

H/Advisors Maitland - Neil Bennett / Vikki Kosmalska

+44 (0) 207 379 5151

conduitre@h-advisors.global

Haggie Partners - David Haggie / Peter Rigby

+44 (0) 207 562 4444

Investor relations and other enquiries:

brett.shirreffs@conduitre.bm

Panmure Liberum (Joint Corporate Broker)

+44 (0) 207 886 2500

Berenberg (Joint Corporate Broker)

+44 (0) 203 207 7800

Peel Hunt (Joint Corporate Broker)

+44 (0) 207 418 8900

About Conduit Re

Conduit Re is a Bermuda-based multi-line reinsurance business with global
reach. Conduit Reinsurance Limited is licensed by the Bermuda Monetary
Authority as a Class 4 insurer. A.M. Best has assigned a Financial Strength
Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a-
(Excellent) to Conduit Reinsurance Limited. The outlook assigned to these
ratings is positive.

Conduit Holdings Limited is the ultimate parent of Conduit Reinsurance Limited
and is listed on the London Stock Exchange (ticker: CRE). References to
"Conduit" include Conduit Holdings Limited and all of its subsidiary
companies.

Learn more about Conduit Re:

Website: https://conduitreinsurance.com/

LinkedIn: https://www.linkedin.com/company/conduit-re

 

 

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