Security Capital Assurance Ltd Notified of Non-compliance with NYSE Continued Listing Standard
April 08 2008 - 4:15PM
PR Newswire (US)
HAMILTON, Bermuda, April 8, 2008 /PRNewswire-FirstCall/ -- Security
Capital Assurance Ltd ("SCA" or the "Company") today announced that
the Company received notification from the New York Stock Exchange
(the "NYSE") advising it that the Company was not in compliance
with a NYSE continued listing standard applicable to its common
shares. In the notification received on April 3, 2008, the NYSE
advised SCA that the Company's common shares were "below criteria"
for the average price of a security. According to the NYSE Price
Criteria for Common Shares, a company is considered to be below
compliance standards if the average closing price of a security as
reported on the consolidated tape is less than $1.00 over a
consecutive 30 trading-day period. As of April 1, 2008, the
Company's common shares reached a 30 trading-day average closing
price of $0.98. The Company notified the NYSE today that it intends
to cure the average price deficiency and maintain its listing.
However, there can be no assurance that the Company will be
successful in its attempt to cure the deficiency. About Security
Capital Assurance Ltd Security Capital Assurance Ltd is a
Bermuda-domiciled holding company whose common shares are listed on
the New York Stock Exchange (NYSE:SCA). For more information,
please visit http://www.scafg.com/ . Contact: Investors Frank
Constantinople +1 441-279-7450 Media Michael Gormley +1
441-279-7450 Michele Loguidice +1 212-333-3810 FORWARD-LOOKING
STATEMENTS This release contains statements about future results,
plans and events that may constitute "forward-looking" statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. You are cautioned that
these statements are not guarantees of future results, plans or
events and such statements involve risks and uncertainties that may
cause actual results to differ materially from those set forth in
these statements. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's control. These factors include, but are not limited to:
recent and future rating agency statements and ratings actions; the
outcome of the Company's dispute with Merrill Lynch concerning the
Company's termination of seven credit default swap contracts; the
Company's ability to successfully implement its strategic plan;
higher risk of loss in connection with obligations guaranteed by
the Company due to recent deterioration in the credit markets
stemming from the poor performance of subprime residential mortgage
loans; the suspension of writing substantially all new business and
the Company's ability to continue to operate its business in its
historic form; the development and implementation of a strategic
plan; developments in the world's financial and capital markets
that adversely affect the performance of the Company's investments
and its access to such markets; the performance of invested assets,
losses on credit derivatives or changes in the fair value of credit
default swaps; the availability of capital and liquidity; the
timing of claims payments and the receipt of reinsurance
recoverables; greater frequency or severity of claims and loss
activity including in excess of the Company's loss reserves;
changes in the Company's reinsurance agreements with certain of its
subsidiaries; the impact of provisions in business arrangements and
agreements triggered by the ratings downgrades; the impact of other
triggers in business arrangements including CDS contracts; changes
in regulation, tax laws, legislation or accounting policies or
practices; changes in officers; general economic conditions;
changes in the availability, cost or quality of reinsurance or
retrocessions; possible downgrade of the Company's reinsurers;
possible default by the counterparties to the Company's reinsurance
arrangements; the Company's ability to compete; changes that may
occur in Company operations and ownership as the Company matures;
and other additional factors, risks or uncertainties described in
Company filings with the Securities and Exchange Commission,
including in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2007, and also disclosed from time
to time in subsequent reports on Form 10-Q and Form 8-K. 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. DATASOURCE: Security
Capital Assurance Ltd CONTACT: Investors, Frank Constantinople,
Security Capital Assurance, +1-441-279-7450, ; Media, Michael
Gormley, Security Capital Assurance, +1-441-279-7450, , or Michele
Loguidice, +1-212-333-3810, , of The Brunswick Group for Security
Capital Assurance Web site: http://www.scafg.com/
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