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Update on UK Club hybrid capital issue
On the afternoon of 28th July, UBS Investment Bank who are managing our Club’s hybrid capital issue published the following update on its progress.
Subject : UK P&I Club Hybrid Transaction
Please find the following update on behalf of UBS Investment Bank:
The order book stood at comfortably over US$100million at the close of business on Friday 25th July.
On Monday 4th August UBS Investment Bank will be communicating the final transaction size and confirming the deal parameters.
The settlement date for the transaction has been set for the 22nd August 2008. This date has been chosen to give the investors ample time to transfer funds to their intermediary banks.
Kind regards,
UBS Investment Bank
Oil spill in Mississippi
The Mississippi has been closed between mile marker 99 and mile marker 50. This is due to extensive pollution arising from the collision of the MT Tintomara with Barge ACL932. This ship is not entered with the UK Club, but Members may be encountering delays and other problems arising from this incident.
Members should call their usual contact at the Managers for Defence and P&I claims if they are affected by this incident.
We are monitoring the situation and anticipate the US Coast Guard establishing a telephone hotline for claimants. Further information that we receive will be posted on a special page on this website. This currently includes an advice from local law firm Chaffe McCall. Click here to view this information page.
Public holiday in Bermuda
Please be advised that Thursday, 31st July, and Friday, 1st August, are public holidays in Bermuda and this office will, therefore, be closed on those dates.
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