The corporate team at Nabarro has advised Hiscox on a £200m return of capital to its shareholders. This is the latest in a variety of matters on which the firm has advised the FTSE 250 specialist insurance group.
The transaction was structured as an issue of C shares (the income option) and D shares (the capital alternative) to existing ordinary shareholders. It is combined with an 89 for 100 share consolidation to preserve the net asset value per share.
The C shares pay a dividend of 50p per share and the D shares are scheduled to be purchased by UBS for 50p per share. This structure is a variation on Hiscox’s B share scheme on which the firm advised last year.
The team was led by corporate partner Patrick Speller, who was assisted by associate Stephanie Murton.