Aspen Shareholders Reject Endurance Proposal
Aspen Insurance Holdings Limited said that, based on preliminary voting results as of the close of business on July 25, 2014 – the target date for receiving consents set by Endurance Specialty Holdings Ltd. the “overwhelming majority of Aspen shareholders participating in the consent solicitation have rejected both of Endurance’s proposals.
The two Bermuda-based re/insurers have been going back and forth since Aspen initially rejected Endurance’s first proposal in April 2014.
The company said, “Based on these preliminary results, as provided by the Company’s proxy solicitor, Aspen believes that shareholders owning at least 76% of Aspen’s outstanding shares did not support Endurance’s proposal to call a special meeting at which shareholders would vote on a proposal to increase the size of Aspen’s Board to 19 directors, and shareholders holding at least 81% of Aspen’s outstanding shares did not support Endurance petitioning the Supreme Court of Bermuda as part of a legal maneuver called an involuntary scheme of arrangement.
“Of these amounts, shareholders holding more than 60% of Aspen’s outstanding shares took action to affirmatively reject both proposals on Aspen’s blue revocation card. Thus, Aspen estimates that the number of shares affirmatively rejecting both Endurance proposals was at least two-and-a-half times as many as the number that consented.”
