American Overseas Group Limited Announces Closing Of Private Repurchase Of Class B Preference Shares
HAMILTON, Bermuda, July 18, 2013 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AORE) (Pink Sheets:AORE) (the "Company") today announced that its operating subsidiary, American Overseas Reinsurance Company Limited ("AORE"), has completed a private repurchase of its Class B Preference Shares (the "Shares") from a holder (the "Holder"). Under the terms of the repurchase agreement, AORE repurchased nine (9) of its Shares at a price of $25,000 per share from the Holder, for an aggregate repurchase price of $225,000.
The closing of the repurchase of the Shares occurred on July 18, 2013.
The Company expects that the repurchase of the Shares will result in a reduction of Noncontrolling interest of $146,056 on the Company's consolidated balance sheet during the third quarter of 2013, leaving $6,864,799 of Noncontrolling interest subsequent to this repurchase. The Company expects that a reduction of $78,944 of shareholders' equity also will be recorded on the Company's consolidated balance sheet during the third quarter of 2013 as a result of the repurchase of the Shares.This press release does not constitute an offer to purchase securities by the Company or AORE. Forward-Looking Statements This release contains statements that may be considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. The Company's actual results could differ materially from those expressed or implied in the forward-looking statements. Among the factors that could cause actual results to differ materially are: (i) the Company's ability to execute its business strategy, including with respect to new reinsurance businesses; (ii) changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors; (iii) the loss of significant customers with which AORE has a concentration of its reinsurance in force; (iv) legislative and regulatory developments; (v) changes in regulations or tax laws applicable to the Company or AORE or its customers; (vi) more severe or more frequent losses associated with AORE's reinsured portfolio; (vii) losses on credit derivatives; (viii) changes in the Company's accounting policies and procedures that impact the Company's reported financial results; (ix) the effects of ongoing and future litigation and (x) other risks and uncertainties that have not been identified at this time. The Company undertakes no obligation to revise or update any forward-looking statement to reflect changes in conditions, events, or expectations, except as required by law.
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