American Overseas Repurchases 50 Shares
Bermuda-based American Overseas Reinsurance Company Limited [AORE] completed a private repurchase of fifty Class B Preference Shares from a holder.
Under the terms of the repurchase agreement, AORE repurchased the Shares at a price of 25,000 per share from the Holder, for an aggregate price of 1,250,000.
The Company expects that the repurchase of the Shares will result in a reduction of Noncontrolling interest of 811,442 on the Company’s consolidated balance sheet during the fourth quarter of 2013, leaving 6,053,357 of Noncontrolling interest subsequent to the repurchase.
The Company expects that a reduction of 438,558 of shareholders’ equity also will be recorded on the Company’s consolidated balance sheet during the fourth quarter of 2013 as a result of the repurchase of the Shares.
