ACE Limited Files Registration Statement for Ordinary Share Offering.HAMILTON, Bermuda--(BUSINESS WIRE)--April 2, 1998--ACE Limited (NYSE NYSE See: New York Stock Exchange :ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) today announced that it has filed a shelf registration statement with the U.S. Securities and Exchange Commission for the offering of up to 18,975,000 of its Ordinary Shares. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering are to be used to repay approximately $390 million of indebtedness incurred to finance, in part, the acquisition of CAT Limited which closed on April 1, 1998. The remaining net proceeds will be used for general corporate purposes, which may include acquisitions. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. The ACE group of companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At December 31, 1997, ACE had $2.6 billion in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. and approximately $5.0 billion in assets. CONTACT: ACE Limited Investor Contact: Helen M. Wilson, 441/299-9283 or Media Contact: Wendy Davis Johnson, 441/299-9347 |
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