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BRITISH-AMERICAN INSURANCE COMPANY SHAREHOLDERS APPROVE DIVIDEND

    BRITISH-AMERICAN INSURANCE COMPANY SHAREHOLDERS APPROVE DIVIDEND
    NASSAU, Bahamas, Nov. 5 /PRNewswire/ -- British-American Insurance Company, Limited ("British American"), announced today that its shareholders yesterday approved a dividend of one share of British American Holdings Limited ("Holdings") for each share of British-American.  Holdings is currently a wholly-owned subsidiary of British-American, and is acquiring British-American's business in Kenya, Mauritius, Cayman, Trinidad, Barbados, Bermuda and Nigeria. The dividend will result in the distribution of 100 percent of the currently outstanding Holdings' shares to the shareholders of British-American.
    Holdings was established in connection with a pending reorganization of British-American.  In connection with that reorganization, Holdings has agreed, subject to certain conditions, to acquire the shares of British-American (and the shares of Holdings that will be distributed in the dividend approved today) held by The Wilmington Trust Company as trustee for the McMillen Trust and to acquire the British-American and Holdings shares held by certain persons related to the McMillen Trust.  The McMillen Trust and the related persons currently hold approximately 76 percent of the issued and outstanding shares of British-American and will hold the same percentage of Holdings shares.  British-American has provided additional material information regarding the reorganization to its shareholders in connection with the vote today.  Certain elements of the reorganization remain subject to a vote of the shareholders of Holdings after the dividend, and the information has been, or will be, provided to shareholders of Holdings before additional steps in the reorganization are completed.
    The dividend was approved by 8,278,430 out of 8,296,445 (or 99.8 percent) of the shares voting.  Excluding the shares of the McMillen Trust and the related parties, the dividend was approved by 641,210 out of 659,225 (or 97.3 percent) of such shares voting.
    The issuance of Holdings shares to British-American shareholders will be made when certain regulatory approvals are obtained.  The board of directors of British-American will establish the record date for the distribution of Holdings shares when those approvals have been obtained and, subject to receipt of those approvals, British-American currently expects that the record date will be November 11, 1991.
    -0-                           11/5/91
    /CONTACT:  Judy Higgs, British-American Insurance, 809-322-2694/ CO:  British-American Insurance Company, Limited ST: IN:  INS SU:  DIV DF -- CH010 -- 1373 11/05/91 15:53 EST
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Publication:PR Newswire
Date:Nov 5, 1991
Words:380
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