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BNL shareholders approve Utilico private placement

Bermuda National Ltd, the parent company of Bermuda Commercial Bank Ltd, announced that at a special general meeting on Friday a private placement with Utilico Investments Ltd was approved by shareholders.

In a statement issued through the Bermuda Stock Exchange, BNL said the placing price for the private placing is $14.14 per share, which is equal to BCB’s audited diluted net asset value per share as at 30 September 2012, of $14.34, less the 20-cent dividend declared by BNL last week.

Utilico will be issued a total of 1,203,732 common shares and warrants over 240,746 common shares in BNL. Following completion of the private placing on 14 December 2012, Utilico’s interest in BNL’s common shares will be 3,918,859 representing approximately 45.01 percent of BNL’s issued share capital.

BNL’s acquisition of Utilico’s interest in Ascot Lloyd Holdings Ltd and an amendment to the by-laws were unanimously approved.

Earlier on Friday, BNL announced that Permanent Investments Ltd (PIL) and ICM Ltd (ICM) had exercised options over 62,656 and 186,718 common shares, respectively, in BNL at a price of $5.6972 per share.

Following this exercise, PIL is interested in 3,046,657 common shares in BNL, representing approximately 40.6 percent of BNL’s issued share capital and ICM is interested in 450,726 common shares in BNL, representing approximately six percent of BNL’s issued share capital.

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Published December 10, 2012 at 8:00 am (Updated December 09, 2012 at 2:48 pm)

BNL shareholders approve Utilico private placement

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