Conduit Holdings Limited PDMR Notification (8129M)
26 1월 2021 - 12:48AM
UK Regulatory
TIDMCRE
RNS Number : 8129M
Conduit Holdings Limited
25 January 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE OF
THIS ANNOUNCEMENT WOULD BE UNLAWFUL.
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) No 596/2014 (the
"Market Abuse Regulation").
Conduit Holdings Limited ("Conduit Holdings")
Hamilton, Bermuda 25 January 2021
PDMR Notification
Conduit Holdings today announces that Elaine Whelan, the Chief
Financial Officer and a person discharging managerial
responsibilities in Conduit Holdings ("PDMR"), on 20 January 2021,
acquired 19,950 Conduit Holdings common shares of par value $0.01
per share each at a price of 500 pence per share. Elaine's total
current shareholding is 19,950 common shares.
PDMR Notification of Dealing Form: The notification below, made
in accordance with the requirements of the Market Abuse Regulation,
provides further details of the transaction.
1 Details of the person discharging managerial responsibilities ("PDMR") / person closely associated
("PCA")
a) Name Elaine Whelan
----------------------------------------------------------- ----------------------------------------
2 Reason for the Notification
-----------------------------------------------------------------------------------------------------
a) Position/status PDMR
Director, CFO
----------------------------------------------------------- ----------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------
a) Name Conduit Holdings Limited
----------------------------------------------------------- ----------------------------------------
b) LEI 213800VO4O83JVSSOX33
----------------------------------------------------------- ----------------------------------------
4 Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------
a) Description of the Financial instrument, type of Common Shares of $0.01 par value
instrument
----------------------------------------------------------- ----------------------------------------
Identification code ISIN BMG243851091
SEDOL BN133N2
----------------------------------------------------------- ----------------------------------------
b) Nature of the Transaction Acquisition of Shares
----------------------------------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s)
500 pence
Volume(s)
19,950
----------------------------------------------------------- ----------------------------------------
Aggregated information 19,950 Common Shares in aggregate
d) Aggregated volume GBP99,750 aggregated total
Price GBP5.00 per Common Share
----------------------------------------------------------- ----------------------------------------
e) Date of the transaction 20 January 2021
----------------------------------------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
----------------------------------------------------------- ----------------------------------------
ENDS
Contacts
Media: David Haggie, Caroline Klein, Haggie Partners
+44 (0) 207 562 4444
ConduitRe@haggie.co.uk
Other: info@conduitreinsurance.com
Website
Further details of the Conduit Group can be found at its
website: https://conduitreinsurance.com/
Notes to Editors
About Conduit Re
-- Conduit Re is a newly established reinsurance underwriting business focusing on producing
strong risk-adjusted returns from a diversified and focused business plan. The business has
been formed to capitalise on what the Company's founders, Neil Eckert and Trevor Carvey (the
"Founders") believe to be an exceptional market opportunity.
-- Conduit Re writes reinsurance in the property, casualty and specialty classes. Years of high
insured losses, diminished reserves and the more recent losses and industry strain caused
by Covid-19 and severe capacity shortages in certain classes of insurance and reinsurance
have produced major corrections in reinsurance pricing and policy Terms & Conditions.
-- Against the industry background of losses, litigation and capacity constraint, as a new business,
Conduit has no legacy exposure and its strong and unencumbered balance sheet is available
to write new business in what the Founders believe to be an attractive market environment.
-- Conduit Re is led by two highly successful, experienced and networked industry executives,
Neil Eckert and Trevor Carvey.
-- Conduit Re has been established to build a strong underwriting franchise which will target
strong cross-cycle returns on equity in the mid-teens. The business plan has a balanced approach
to catastrophe risk exposures, generating profit and franchise value through the quality of
its underwriting and its select portfolio of high quality business.
-- Conduit Re expects to generate significant returns for its shareholders and to provide an
ongoing and progressive dividend. The Company is targeting a dividend as soon as during the
2021 financial year of approximately 5% - 6% of equity capital, allocated between an interim
and final distribution. Conduit will manage its balance sheet efficiently and in the long
term may return excess capital through special dividends or share buybacks where appropriate.
-- Following years of de-listings, in weak industry conditions and upon industry consolidation,
Conduit Re offers investors the opportunity to take advantage of prevailing, highly positive
industry conditions through investment in a listed business which is legacy free and focused
only on reinsurance.
-- Conduit Re believes that sound ESG principles should be strongly embedded across the business
and that this promotes better risk management, innovation, sustainable outperformance and
positive community engagement. Conduit Re intends to be a carbon neutral business. Conduit
Re will target a Net-Zero position through a combination of sound business practices and strategically
chosen offset initiatives.
-- A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer
Credit Rating of "a-" to Conduit Reinsurance Limited. The outlook assigned to these Credit
Ratings (ratings) is stable.
Learn more:
Web: https://conduitreinsurance.com/
LinkedIn: https://www.linkedin.com/company/conduit-re
Twitter: https://twitter.com/Conduit_Re
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END
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January 25, 2021 10:48 ET (15:48 GMT)
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