ALEA Alea

 

TIDMALEA 
 
RNS Number : 7358U 
Alea Group Holdings(Bermuda) Ltd 
30 June 2009 
 

 
 
 
 
 
 
 
 
 
 
 
 
30 June 2009 
 
 
Alea Group Holdings (Bermuda) Ltd 
Alea Announces Agreement to Sell Alea Holdings UK Ltd. 
 
 
 
HAMILTON, Bermuda - Alea Group Holdings (Bermuda) Ltd. ('Alea' or 'the Group') 
today announced that it has entered into a share purchase agreement to sell its 
UK based subsidiary (Alea Holdings UK Ltd.) to Catalina Holdings (Bermuda) 
Ltd.Under the agreement, Alea Holdings UK Ltd. will be sold at a slight discount 
to the book value at which it was carried in the Group's consolidated financial 
statements as at 31 December 2008. Completion of the transaction is contingent 
upon customary closing conditions and the required regulatory approvals and 
notices. 
 
 
Mark Cloutier, Chief Executive Officer, commented, "This transaction represents 
both an opportunity to crystallize the value embedded in Alea London and to 
align our London team with an established run-off acquirer. Once completed, the 
transaction will also provide additional financial flexibility for the Group. We 
are hopeful the deal will complete by year-end, meanwhile, we remain focused on 
managing the orderly run-off of the Group's balance sheet." 
 
 
At 31 December 2008, Alea Holdings UK Ltd. consolidated IFRS accounts had total 
assets of $446.5 million and total liabilities of $357.9 million. 
 
 
For further information, please contact: 
 
 
Mark Cloutier 
+1 441 296 9150 
 
 
Sheel Sawhney 
+1 860 258 6524 
 
 
Financial Dynamics 
Robert Bailhache 
Nick Henderson 
+44 20 7269 7114 
 
 
#### 
 
 
Past performance cannot be relied upon as a guide to future performance. 
 
 
Certain statements made in this document that are not based on current or 
historical facts are forward-looking in nature including, without limitation, 
statements containing the words "believes," "anticipates," "plans," "projects," 
"intends," "expects," "estimates," "predicts," and words of similar import. All 
statements other than statements of historical facts including, without 
limitation, those regarding the Group's financial position, business strategy, 
plans and objectives of management for future operations (including development 
plans and objectives) are forward-looking statements. Such forward-looking 
statements involve known and unknown risks, uncertainties and other important 
factors that could cause the actual results, performance or achievements of the 
Group to be materially different from future results, performance or 
achievements expressed or implied by such forward-looking statements. In 
particular, forecasting of reserves for future losses is based on historical 
experience and future assumptions. As a result, they are inherently subjective 
and may fluctuate based on actual future experience and changes to current or 
future trends in the legal, social or economic environment. Such forward-looking 
statements are based on numerous assumptions regarding the Group's present and 
future business strategies and the environment in which the Group will operate 
in the future. These forward-looking statements speak only as at the date of 
this document or other information concerned. Alea Group Holdings (Bermuda) Ltd 
expressly disclaims any obligations or undertaking (other than reporting 
obligations imposed on us in relation to our listing on the London Stock 
Exchange) to disseminate any updates or revisions to any forward-looking 
statements contained herein to reflect any changes in the Group's expectations 
with regard thereto or any change in events, conditions or circumstances on 
which any such statement is based. References in this paragraph to the Group are 
to Alea Group Holdings (Bermuda) Ltd and its subsidiaries from time to time. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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