Recently launched property and casualty reinsurer, Conduit Holdings has announced that it intends to repurchase up to $10 million of its common shares in order to meet future obligations under its variable incentive schemes.
The price has been reported at US$0.01 per share, with the scheme assumed to be for senior executives and staff.
The purchase will be funded from Conduit Holdings’ existing cash resources and all Common Shares repurchased will be held in treasury.
Panmure Gordon & Co will manage the purchase and has received instruction to make market purchases of Common Shares on its behalf following periodic consultation with the company outside of close periods.
The purchase will run from the date of this announcement to 31 August 2022, unless terminated earlier.
Panmure Gordon & Co will make its trading decisions in relation to the Common Shares independently of the group.
The company also noted that there is no guarantee that the purchase programme will be implemented in full or that any repurchases will be made.
