Each Perpetual PIERS is convertible, at the holder's option at any time, initially based on a conversion rate of 1.7077 ordinary shares per $50 liquidation preference of Perpetual PIERS (equivalent to an initial conversion price of approximately $29.28 per ordinary share), subject to specified adjustments. Upon a voluntary conversion, we will deliver, per Perpetual PIERS, one perpetual preference share ($50 liquidation preference) and a number of ordinary shares, if any, equal to the sum of the daily settlement amounts (as defined in this prospectus supplement) for each day of the 20 settlement period trading days during the applicable stock settlement averaging period. The conversion rate will be increased as described herein upon the occurrence of a fundamental change (as defined in this prospectus supplement). In the event of certain types of fundamental changes, we may elect to adjust the conversion rate and the related conversion obligation so that our Perpetual PIERS become convertible into shares of the acquiring or surviving company.
At any time on or after January 1, 2009, if the closing sale price of our ordinary share equals or exceeds 130% of the then prevailing conversion price for 20 trading days during any consecutive 30 trading day period or if there are fewer than 500,000 Perpetual PIERS outstanding, we may, at our option, cause the Perpetual PIERS, in whole but not in part, to be automatically converted. Upon a mandatory conversion, we will deliver, per Perpetual PIERS, $50 in cash (in lieu of one perpetual preference share) and ordinary shares, if any.
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Aspen Insurance Holdings is a holding company. Co. underwrites insurance and reinsurance through its subsidiaries in Bermuda, the U.S. and the U.K. Co. has two segments: Reinsurance, which consists of property catastrophe reinsurance, other property reinsurance (facultative or single risk reinsurance), casualty reinsurance (U.S. treaty, international treaty and casualty facultative reinsurance) and specialty reinsurance (credit and surety, agriculture insurance and reinsurance, marine, aviation, terrorism, engineering and other lines); and Insurance, which consists of property and casualty insurance, marine, aviation and energy insurance and financial and professional lines insurance. Preferreds: AHL.PR, AHL.PRA, AHL.PRB, AHL.PRC, AHL.PRD, AHL.PRE Open the AHL Information Page » |
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