The Bermuda-based PXRE Group Ltd. has scheduled a special meeting of shareholders “to consider and vote on the issuance of common shares of PXRE and the other transactions contemplated by the previously announced agreement and plan of Merger by and among PXRE, PXMS Inc. and Argonaut Group, Inc. dated as of March 14, 2007,” said the announcement.
The special meeting will be held on Wednesday, July 25, 2007, at 10:30 am Atlantic Time/9:30 am Eastern Time, at PXRE House, 110 Pitts Bay Road, Pembroke, HM 08, Bermuda. PXRE’s shareholders of record at the close of regular trading on the New York Stock Exchange on Monday, June 4, 2007, will be entitled to notice of and to vote at the special meeting. A definitive proxy statement for the special meeting will be mailed to shareholders of record beginning on or about June 8, 2007.
PXRE has been in financial trouble (and essentially in run off) for over a year, mainly due to losses from the hurricanes of 2005 (See IJ web site Sept. 20, 2005, May 11, Feb. 20 & Feb.17, 2006). Earlier this year it agreed to a merger with the Argonaut Group to form a combined entity that will do business as Argo Group International Holdings Limited (See IJ web site March 15).
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