LONDON, April 21, 2004 (PRIMEZONE) -- The Board of Brit Insurance Holdings PLC ("the Company") is pleased to announce that its proposal for a reduction of the Company's share premium account by GBP170 million was today confirmed by the High Court.
The share premium reduction and associated adjustment to the conversion rights of the Company's 8.5 per cent. convertible unsecured subordinated loan stock 2008 will be effective on or before 30 April 2004, on registration of the Court order with the Registrar of Companies.
It remains the Board's intention, in the absence of unforeseen circumstances, to declare a first interim dividend for 2004 of 2.0 pence per ordinary share within the next few weeks, following completion of certain necessary accounting and filing procedures.
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