GRAND CAYMAN, Cayman Islands, March 5 /PRNewswire/ -- Chandler Insurance
Company, Ltd., (Nasdaq: CHANF), the parent of National American Insurance
Company and other subsidiaries based in Oklahoma, today announced that the
shareholders of the Company approved proposals which, when completed, will
have the effect of deregistration of the Company's shares and result in the
Company being privately held by Brent LaGere, the Company's Chairman of the
Board and Chief Executive Officer who will hold 80% of the voting common
shares and Mark Paden, the Company's Executive Vice President and Chief
Financial Officer, who will hold 20% of the Company's voting common shares.
Certain key shareholders, including certain employees of the Company's
subsidiaries ("continuing shareholders"), have elected to exchange their
common shares for non-voting preferred shares. All other shareholders except
Messrs. LaGere and Paden will receive a cash payment equal to $10 per share
for each share they own on March 28, 2001, the record date established by the
Company's board of directors for the consummation of a 1 for 1,000,000 reverse
stock split.
According to Company officials, the record date may be modified to an
earlier date or to a date not later than 60 days from March 5, 2001. The
reverse stock split and repurchase will occur after all continuing
shareholders have exchanged their voting common stock for non-voting preferred
stock in accordance with the Company's plan.
The Company intends to complete the exchange with continuing shareholders
of common shares for preferred shares, the sale of a new class of voting
common shares to Messrs. LaGere and Paden and the repurchase of common shares
from the remaining shareholders as soon as possible but not later than
May 4, 2001.
SOURCE Chandler Insurance, Company Ltd.
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Related links:
http://www.frbinc.com
CONTACT:
Steve Butler, V.P.-Administration of Chandler
Cayman, 345-949-8177, or Mark Paden, Exec. V.P. & CFO of Chandler
USA, 405-258-4228; or General, Mike Arneth, 312-640-6734, or
Diane Rohlin, 312-640-6748, or Media Inquiries, Margie Baigh,
312-640-6690, all of The Financial Relations Board
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