AmerInst Announces Preliminary Results of Dutch Auction Tender Offer.HAMILTON, Bermuda -- AmerInst Insurance Group, Ltd., a provider of 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. protection for CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. firms, today announced the preliminary results of the tender offer being made through its indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , AmerInst Investment Company, Ltd., to purchase up to 60,000 of its outstanding common shares at a price per share of not less than $60.00 nor in excess of $75.00 per share. The tender offer expired at 12:00 Midnight, Eastern time, on Friday, January 21, 2005. Based on a preliminary count by the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. for the tender offer, 98,857 shares of common stock were properly tendered and not withdrawn at the minimum purchase price of $60.00 per share. AmerInst intends to exercise its right to purchase additional shares of common stock without extending the tender offer in accordance with applicable securities laws. Accordingly, AmerInst expects to purchase an aggregate of approximately 65,962 shares at $60.00 per share for a total purchase price of approximately $3,960,000. Because the number of shares tendered at $60.00 per share exceeds the number of shares AmerInst intends to purchase, AmerInst will not purchase any shares tendered at a price in excess of $60.00 or tenders made by shareholders who conditioned their tenders. AmerInst will purchase approximately 81 percent of the shares tendered at $60.00 by each remaining shareholder, except that tenders made by odd lot holders will be purchased in their entirety. The number of shares to be purchased represents approximately 20 percent of AmerInst's shares outstanding. All shares purchased in the tender offer shall be purchased at the same price of $60.00. The actual number of shares, proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. computation and purchase price per share are subject to confirmation by the depositary of the proper delivery of all shares tendered and not withdrawn. Payment for the shares accepted for purchase, and return of all other shares tendered, will occur promptly after the completion of the final proration computation. Any questions concerning the tender offer may be directed to USA Risk Group of Vermont, Inc., the depositary for the tender offer, at (800) 422-8141. About AmerInst AmerInst was formed in 1988 with the mission to provide direct insurance coverage for CPAs. The Company was originally created to write direct insurance business and shifted its focus to the re-insurance market. If primary insurance markets continue to harden hard·en v. hard·ened, hard·en·ing, hard·ens v.tr. 1. To make hard or harder. 2. To enable to withstand physical or mental hardship. 3. , the Company stands ready to directly underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. primary coverage up to $1,000,000 for its shareholders or other CPA firms that might seek primary malpractice coverage. The Company currently provides reinsurance protection for approximately 24,000 insured CPA firms that are located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In 1999, the Company was re-domesticated to Bermuda, in order to enhance its ability to provide services to its stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. and the long-term benefit of its shareholders. |
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