REG - Conduit Holdings Ltd - $50 million Share Buyback Programme

Conduit HoldingsAnnouncement

26/05/2026 15:00

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RNS Number : 7491F  Conduit Holdings Limited  26 May 2026

Pembroke, Bermuda - 26 May 2026

Conduit Holdings Limited

("Conduit Holdings"; LSE ticker: CRE)

$50 million Share Buyback Programme

Conduit Holdings, the ultimate parent company of Conduit Re, a Bermuda-based
multi-line reinsurance business, today provides further details of the share
buyback programme of up to $50 million which was announced on 13 May 2026 (the
"Buyback Programme"). Conduit Holdings is pleased to have returned $47 million
to shareholders via the previous buyback programme which concluded on 12 May
2026 and was enacted over the last twelve months, through the purchase of
8,818,484 common shares of $0.01 each (the "Common Shares").

Panmure Liberum Limited ("PL") has been appointed by Conduit Holdings to
execute and manage independently repurchases of up to $50 million of common
shares of $0.01 each in the capital of Conduit Holdings within set parameters,
through on-market purchases under the Buyback Programme.

The purpose of the Buyback Programme is to return additional capital to
shareholders, in line with Conduit Holdings' capital management strategy. The
Buyback Programme will be funded from Conduit Holdings' existing cash
resources and all Common Shares repurchased will be held in treasury. Pursuant
to the shareholder authority obtained at Conduit Holdings' AGM held on 13 May
2026, treasury shares can be re-sold for cash, cancelled or used for the
purposes of Conduit Holdings' 2023 Long Term Incentive Plan or any future
approved employee share schemes. Repurchases may be made from the date of this
announcement, up to and including the conclusion of Conduit Holdings' 2027
Annual General Meeting (the "2027 AGM") or at 6.00 p.m. (Atlantic time) on 13
August 2027, whichever is sooner (unless the Buyback Programme is terminated
earlier).

Conduit Holdings has given PL an irrevocable instruction to make market
purchases of Common Shares on its behalf independently. In accordance with
Article 5(1) of Regulation (EU) No 596/2014 Conduit Holdings will not purchase
on any trading day more than 25% of the average daily trading volume of the
Common Shares calculated based on the 20 trading days preceding the date of
purchase of such Common Shares. PL will make its trading decisions in relation
to the Common Shares independently of Conduit Holdings.

Conduit Holdings intends to conduct the Buyback Programme within the
limitations of the shareholder authority obtained at Conduit Holdings' AGM
held on 13 May 2026 under which the maximum price (exclusive of expenses)
which may be paid for a Common Share shall not be more than the higher of: (i)
an amount equal to 105 per cent. of the average middle market quotations for a
Common Share, as derived from the London Stock Exchange Daily Official List,
for the five business days immediately preceding the day on which the Common
Share is purchased; and (ii) an amount equal to the higher of the price of the
last independent trade of a Common Share and the highest current independent
bid for a Common Share as derived from the London Stock Exchange Trading
System.

The Buyback Programme may be suspended and/or cancelled, subject to market
factors, and there is no guarantee that the Buyback Programme will be executed
in full or that any repurchases will be made.

Conduit Holdings confirms that it is not in possession of any inside
information and is not in a closed period.

LEI: 254900QCPANQ0JVY7L54

Media contacts

Haggie Partners - David Haggie / Peter Rigby / Caroline Klein

+44 (0) 207 562 4444

conduitre@haggiepartners.com

Investor relations and other enquiries:

brett.shirreffs@conduitre.bm

Panmure Liberum (Joint Corporate Broker)

+44 (0) 207 886 2500

Berenberg (Joint Corporate Broker)

+44 (0) 203 207 7800

Peel Hunt (Joint Corporate Broker)

+44 (0) 207 418 8900

About Conduit Re

Conduit Re is a Bermuda-based multi-line reinsurance business with global
reach. Conduit Reinsurance Limited is licensed by the Bermuda Monetary
Authority as a Class 4 insurer. A.M. Best has assigned a Financial Strength
Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a-
(Excellent) to Conduit Reinsurance Limited. The outlook assigned to these
ratings is stable.

Conduit Holdings Limited is the ultimate parent of Conduit Reinsurance Limited
and is listed on the London Stock Exchange (ticker: CRE). References to
"Conduit" include Conduit Holdings Limited and all of its subsidiary
companies.

Learn more about Conduit Re:

Website: https://conduitreinsurance.com/

LinkedIn: https://www.linkedin.com/company/conduit-re

 

 

 

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