Jabsheh Investment Files 13D/A for Int'l General Insurance
Ticker: IGIC · Form: SC 13D/A · Filed: May 29, 2024 · CIK: 1794338
Sentiment: neutral
Topics: ownership-filing, sec-filing, 13d-amendment
TL;DR
Jabsheh Investment updated their 13D filing for IGI. Ownership details changed.
AI Summary
Wasef Salim Jabsheh, through W. Jabsheh Investment Co. Ltd., has amended their Schedule 13D filing for International General Insurance Holdings Ltd. on May 29, 2024. This amendment, designated as Amendment No. 9, updates their previous filings concerning their beneficial ownership of the company's common shares.
Why It Matters
This filing indicates a change or update in the significant beneficial ownership of International General Insurance Holdings Ltd., which could signal shifts in control or strategic direction for the company.
Risk Assessment
Risk Level: medium — Schedule 13D filings often relate to significant ownership changes or potential activist investor activity, which can introduce uncertainty and volatility.
Key Players & Entities
- International General Insurance Holdings Ltd. (company) — Subject Company
- W. Jabsheh Investment Co. Ltd. (company) — Filing Person
- Jabsheh Wasef Salim (person) — Beneficial Owner
- Michael Levitt, Esq. (person) — Authorized Representative
FAQ
What is the specific nature of the update in Amendment No. 9 to the Schedule 13D filing?
The filing is an amendment to a previous Schedule 13D, indicating an update to the information regarding beneficial ownership of International General Insurance Holdings Ltd. common shares by W. Jabsheh Investment Co. Ltd.
Who is the subject company in this filing?
The subject company is International General Insurance Holdings Ltd.
Who is the primary filer or beneficial owner making this amendment?
The primary filer is W. Jabsheh Investment Co. Ltd., associated with Jabsheh Wasef Salim.
What is the CUSIP number for the securities involved?
The CUSIP number for the common shares of International General Insurance Holdings Ltd. is G4809J 106.
When was the event requiring this filing amendment?
The date of the event which requires filing of this statement is March 20, 2024.
Filing Stats: 2,017 words · 8 min read · ~7 pages · Grade level 8.1 · Accepted 2024-05-29 16:05:30
Key Financial Figures
- $0.01 — LTD. (Name of Issuer) Common Shares $0.01 par value (Title of Class of Securiti
- $12.75 — to, as a result of achieving a price of $12.75 per share for 20 out of 30 trading days
- $15.25 — en the Common Shares achieve a price of $15.25 per share for 20 out of 30 trading days
Filing Documents
- ea0207034-13da9jabsheh_inter.htm (SC 13D/A) — 52KB
- 0001213900-24-047457.txt ( ) — 54KB
PURPOSE OF TRANSACTION
ITEM 4. PURPOSE OF TRANSACTION Item 4 of the Original 13D is hereby amended and supplemented to include the following: “ Pursuant to the letter agreement between Lagniappe Ventures LLC, Tiberius Acquisition Corporation, International General Insurance Holdings Ltd. (a company organized under the laws of the Dubai International Financial Center), Wasef Jabsheh and Argo Re Limited, dated October 10, 2019, to which the Issuer became a party after the date thereof by executing and delivering a joinder thereto, as a result of achieving a price of $12.75 per share for 20 out of 30 trading days, 400,000 Common Shares in the Issuer held by W. Jabsheh Investment Co. Ltd. vested on January 23, 2024. On March 20, 2024, the Issuer granted to the Reporting Person a restricted stock award of 89,728 Common Shares (the “2024 Restricted Shares”). Of the 2024 Restricted Shares, 29,909 Common Shares will vest on January 2, 2025, 29,909 Common Shares will vest on January 2, 2026 and 29,910 Common Shares will vest on January 2, 2027. The Reporting Person has the right to vote, but not the right to dispose or direct the disposition of, the unvested 2024 Restricted Shares beneficially owned by the Reporting Person.”
INTEREST IN
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item (a) to (c) of Item 5 of the Original 13D are hereby amended as follows: “(a) As of May 28, 2024, Mr. Jabsheh beneficially owned 14,462,939 Common Shares, consisting of (i) 14,061,462 Common Shares, with respect to which Mr. Jabsheh has the shared right to vote and dispose of, (ii) 44,269 Common Shares, with respect to which Mr. Jabsheh has the sole right to vote and dispose of, (iii) 131,148 Common Shares which vest when the Common Shares achieve a price of $15.25 per share for 20 out of 30 trading days, which Mr. Jabsheh is deemed to beneficially own by virtue of having the shared right to vote (but not dispose of) such Common Shares and (iv) 226,060 unvested Restricted Shares, of which 49,793 Restricted Shares vest on January 2, 2025, 43,269 Restricted Shares vest on January 2, 2025, 29,909 Restricted Shares vest on January 2, 2025, 43,270 Restricted Shares vest on January 2, 2026, 29,909 Restricted Shares vest on January 2, 2026 and 29,910 Restricted Shares vest on January 2, 2027, which Mr. Jabsheh is deemed to beneficially own by virtue of having the shared right to vote (but not dispose of) such Restricted Shares. As of such date, in accordance with SEC rules for calculating percentages of beneficial ownership, the 14,462,939 Common Shares beneficially owned by Mr. Jabsheh represented approximately 31.2% of the Common Shares of the Issuer. SCHEDULE 13D CUSIP No. G4809J 106 Page 5 of 6 As of May 28, 2024, W. Jabsheh Investment Co. Ltd. beneficially owned 14,242,403 Common Shares, consisting of (i) 14,061,462 Common Shares, with respect to which W. Jabsheh Investment Co. Ltd. has the shared right to vote and dispose of, (ii) 131,148 Common Shares which vest when the Common Shares achieve a price of $15.25 per share for 20 out of 30 trading days, which W. Jabsheh Investment Co. Ltd. is deemed to beneficially own by virtue of having the shared right to vote (but not dispose of) such Common Shares an