Platinum Underwriters Declares Special Dividend
Platinum Underwriters Holdings, announced today [Feb 10] that its Board of Directors has, subject to certain conditions, declared a quarterly dividend of $0.08 per common share. The quarterly dividend would be payable on March 31, 2015 to shareholders of record on March 2, 2015.
The quarterly dividend is conditioned on Platinum’s previously announced pending acquisition by RenaissanceRe Holdings Ltd. pursuant to a merger of Platinum with a wholly-owned subsidiary of RenaissanceRe not having been consummated on or prior to March 31, 2015.
In addition, Platinum announced today that its Board of Directors has, subject to certain conditions, declared a special dividend of $10.00 per common share in connection with its pending acquisition byRenaissanceRe.
The special dividend would be payable prior to the effective time of the Merger on the closing date of the acquisition to shareholders of record at the close of business on the last business day prior to the Closing Date.
The special dividend is conditioned on the Merger having been approved by the shareholders of Platinum at a special meeting of its shareholders on February 27, 2015 [or any adjournment or postponement thereof].
The Merger is expected to occur on or after March 2, 2015, subject to the approval of shareholders of Platinum and the satisfaction of customary closing conditions. Platinum has scheduled a special meeting of shareholders to consider and vote upon the proposed acquisition and related matters on February 27, 2015.
There can be no assurance that all such closing conditions will be satisfied by March 2, 2015, that the effective time of the Merger will occur on March 2, 2015 or that the Merger will occur.
