Members of Syndicate 958 offered shares or cash

Omega is looking to acquire additional capacity by offering members of Syndicate 958 shares or cash in return. The syndicate is 84% owned by third party investors, but the offer could increase Omega’s share from 16% to 66%.

Chief executive Richard Tolliday said: “We chose this timing because we are moving from Aim to the list. We have also reflected on the fact that in this global economic backdrop members will be reassessing the risk appetite for their own portfolios. It may well be that a number would welcome the opportunity to convert their membership of Lloyd’s into cash or shares in Omega.”

The maximum capacity acquired will range between £50m and £125m, depending on the level of acceptances. The offer closes on 1 July.