HAMILTON, Bermuda, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora” or “Company”) today announced that it will be holding a special general meeting of Shareholders on Tuesday, January 28, 2020 at 9 am ET (the “Special General Meeting”). The meeting will be held at the offices of Debevoise & Plimpton LLP, 919 Third Avenue, New York, NY. The record date for determining shareholders entitled to notice of, and to vote at, the Special General Meeting will be the close of business on January 16, 2020. A proxy statement containing additional information regarding the Special General Meeting, the plan of liquidation and certain U.S. federal income tax considerations for U.S. shareholders will be sent to shareholders in advance of the Special General Meeting. The proxy can also be accessed on the Company’s website www.shlholdings.com by clicking the Investor Relations tab and by clicking the Proxies tab. A sample proxy card will also be posted on the Company’s website which will include instructions on how shareholders can vote.
The Company also announced that effective immediately following the Special General Meeting, Mr. Michael P. Esposito, Jr. will resign as Chairman of the Board of Directors and Dr. E. Grant Gibbons, a current board member, will become interim Chairman of the Board of Directors. In addition, the size of the Board will be reduced from 11 to 6 Directors. Following the Special General Meeting, the Board is expected to consist of: Dr. E. Grant Gibbons; Mr. Alan Carr; Mr. Frederick Hnat; Mr. Frank Puleo; Mr. Coleman Ross; and Mr. Robert White.
Dr. Gibbons, Chairman of SHL’s Nominating and Governance Committee, commented, “On behalf of the board of Syncora Holdings Ltd., we want to thank Mike Esposito for his outstanding leadership as Chairman of the company, including through several post-financial crisis restructurings that restored the company’s financial position and culminated in the sale of Syncora Guarantee Inc. to Star Insurance Holdings LLC, an entity organized by GoldenTree Asset Management LP ("GoldenTree") on behalf of GoldenTree's managed funds and accounts.”
Fred Hnat, CEO of SHL added, “Mike’s leadership has benefitted all Syncora’s stakeholders, including policy holders, who have been paid in full, and debt holders and shareholders who achieved strong returns through Syncora’s recovery.”
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the U.S. federal securities laws. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's GAAP financial statements posted on its website at www.shlholdings.com. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.
Source: Syncora Holdings Ltd.