Third Point Re reshuffles its board
Third Point Reinsurance has unveiled the pricing of its underwritten secondary public offering of an aggregate of 15 million of its common shares (representing approximately 14.0 percent of its issued and outstanding shares) by KIA TP Holdings, and KEP TP Holdings, to JP Morgan Securities, as sole underwriter.
According to Third Point Re, JP Morgan Securities intends to offer for sale the shares of common shares at a price to the public of $15.75 per share. The offering is expected to close on November 16, 2017. JP Morgan Securities has the option to buy an additional 2,250,000 shares from the selling shareholders for 30 days after the offering. The company will not receive any proceeds from the sale of shares being sold in this offering.
The underwriter proposes to offer the common shares for sale from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by the underwriter and subject to its right to reject any order in whole or in part.
The company has filed a registration statement for the offering, including a prospectus, with the US Securities and Exchange Commission.
Third Point Reinsurance, Share offering, Bermuda