Hardy Underwriting has disposed of its entire stake in Atrium Underwriting. Hardy's 11.5 million shares in Atrium represented 23.2% of the ordinary shares issued by the company.
Hardy said the sale was affected through KBC Peel Hunt with institutional investors at 180 pence per share, amounting to a total of £20.7m.
“The investment in Atrium has produced a substantial return and its sale leaves Hardy with surplus capital.
“The Board of Hardy intends to return a significant proportion of the net gain to shareholders by way of a special interim dividend which would amount to £8.8m, being 25 pence per share,” said the company.
The company said it intended to pay the special dividend in October 2004, subject to shareholder approval.
Hardy chief executive Barbara Merry, said: “Atrium has been a terrific investment for us. We invested in Atrium at a time when we believed it was significantly undervalued.
“Now that the market has also recognised Atrium's strength, however, we are taking the opportunity to remove our exposure to this single investment.”
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