Majestic Capital Announces Postponement of Special General Meeting of Shareholders to Approve Bayside Transaction
February 28 2011 - 5:00PM
Business Wire
Majestic Capital, Ltd. (Majestic Capital) (Nasdaq: MAJC) today
announced that it has postponed the Special General Meeting of
Shareholders scheduled for March 3, 2011 to vote on the previously
announced transaction with Bayside Capital Partners LLC (Bayside).
The Special General Meeting of Shareholders will now be held on
March 28, 2011 at 11:00 a.m. (local time), at the offices of
Appleby, Canon’s Court, 22 Victoria Street, Hamilton HM EX,
Bermuda.
About Majestic Capital, Ltd.
Majestic Capital, through its subsidiaries, is a specialty
provider of workers’ compensation insurance products and services.
Majestic Capital seeks to provide quality products and services
that fit the needs of its insureds and is dedicated to developing
and maintaining a mutually beneficial, long-term relationship with
them. Majestic Capital’s workers’ compensation insurance coverage
is offered to employers in California, Arizona, Nevada, and other
states. Further information about Majestic Capital and its business
can be found on Majestic Capital’s website at
http://www.MajesticCapital.com.
Additional Information About This Transaction
Majestic Capital filed a definitive proxy statement with the SEC
on January 19, 2011 in connection with the Special General Meeting
of Shareholders called to vote on approval of the proposed
transaction with Bayside. Majestic Capital’s shareholders are
urged to read the proxy statement and other relevant materials
because they contain important information about the transaction
with Bayside.
Investors and security holders may obtain free copies of these
documents and other documents filed with the Securities and
Exchange Commission at the SEC’s website at www.sec.gov. In
addition, investors and security holders may obtain free copies of
the documents filed with the SEC by Majestic Capital on its
corporate website at www.majesticcapital.com.
Majestic Capital’s officers and directors may be participants in
the solicitation of proxies from Majestic Capital’s shareholders
with respect to the transaction with Bayside. Information about
Majestic Capital’s executive officers and directors, and their
ownership of Majestic Capital common shares, is set forth in the
proxy statement for Majestic Capital’s 2010 Annual Meeting of
Shareholders, which was filed with the SEC on March 24, 2010.
Additional information regarding the direct and indirect interests
of Majestic Capital’s executive officers and directors in the
transaction with Bayside is set forth in the proxy statement for
the transaction.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws, including statements
concerning plans, objectives, goals, strategies, projections of
future events or performance and underlying assumptions (many of
which are based, in turn, upon further assumptions). These
statements are based on our current expectations and projections
about future events and are identified by terminology such as
“may,” “will,” “should,” “expect,” “scheduled,” “plan,” “seek,”
“intend,” “anticipate,” “believe,” “estimate,” “aim,” “potential,”
or “continue” or the negative of those terms or other comparable
terminology.
All forward-looking statements involve risks and uncertainties.
Although Majestic Capital believes that its plans, intentions and
expectations are reasonable, Majestic Capital may not achieve such
plans, intentions or expectations. There are or may be important
factors that could cause actual results to differ materially from
the forward-looking statements Majestic Capital makes in this press
release. Such risks and uncertainties are discussed in Majestic
Capital’s Annual Report on Form 10-K for the year ended December
31, 2009 and in other documents filed by Majestic Capital with the
SEC. These factors include, but are not limited to (1) the
possibility that the closing of the transaction with Bayside does
not occur, either due to the failure of closing conditions,
including approval of Majestic’s shareholders, the failure to
obtain required regulatory approvals, the failure to obtain consent
of the proposed amendments to the Trust Preferred Securities, the
failure to modify the lease for office space or other reasons, and
(2) other factors described in Majestic Capital’s filings with the
SEC, including its Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K. Other factors not
currently anticipated by management may also materially and
adversely affect the closing of the Bayside transaction. Majestic
Capital undertakes no obligation to update publicly or revise any
forward-looking statements made, whether as a result of new
information, future results or otherwise.
MAJC-E
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