ebix.com Inc. announced the completion of the second and final closing under its Agreement with BRiT Insurance Holdings PLC (BRiT). Pursuant to this closing, ebix issued 4,704,000 shares of ebix common stock in return for a cash consideration of $4.2 million and BRiT transferring to ebix approximately half of its holding of common stock in Insurance Broadcast Systems Inc. (IBS), representing 28 percent of IBS’s issued share capital. This final closing brings BRiT’s total cash investment in ebix to a $7.0 million.
As announced on April 27, 2001, BRiT and ebix consummated the first closing involving an issuance of 2,240,000 shares of ebix for a cash investment of $2,800,000 by BriT. The second closing completes the $7 million cash investment by BRiT and makes it the largest shareholder in ebix.
BRiT has agreed not to acquire 49 percent or more of ebix common stock without the approval of the ebix Board of Directors. Additionally, BRiT has the right to designate two members of the Company’s Board of Directors following this second closing.
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