Chaucer Holdings announces an offer by ALIT to acquire the balance of £7.9 million of capacity on Syndicate 1084...

Chaucer Holdings has announced an offer by ALIT, a wholly owned subsidiary, to acquire the balance of £7.9 million of capacity on Syndicate 1084, which Chaucer does not already own.

The offer is in respect of capacity for 2006 onwards and does not affect prior years. Currently, Chaucer expects to reduce capacity on Syndicate 1084 for 2006 from
£400 million to £350 million. Syndicate 1176 is expected to increase its capacity from £18.1 million
to £22.5 million.

The offer consideration, which comprises 25.0p in cash for each £1 of capacity held on Syndicate 1084 for the 2005 year of account, is conditional on Lloyd's granting consent to a buy-out of the capacity owned by members of Syndicate 1084 who have not accepted the offer.

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