In an announcement to the LSE today available in full here
the former Director and Chief Underwriting Officer of Omega has launched an action in the Bermuda Supreme Court to obtain a "fair value" for his shareholding in Omega which stands at approximately 7%. which we replicate in full below:
"Omega announces that in connection with the recommended cash acquisition (the "Acquisition") by Canopius Group Limited ("Canopius") the Company has been served with an originating summons by Mr. John Robinson, who holds 18,089,286 Omega common shares, instituting proceedings under the Bermuda Companies Act for the Supreme Court to appraise the fair value of his shares relative to the 67p price payable pursuant to the Acquisition. The Company will defend the proceedings. This is the sole claim that has been made within the requisite one-month period."Hampden comment
: This is a remedy open to John Robinson at his own cost. Valuation is definitely not an exact science, and the outcome is uncertain. In the meantime, we believe this does not delay the takeover by Canopius.