SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of report: April 8, 1996
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(Date of earliest event reported): March 29, 1996
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THE SEIBELS BRUCE GROUP, INC.
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Exact Name of Registrant as Specified in its Charter)
South Carolina 0-8804 57-0672136
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1501 Lady Street (P.O. Box 1), Columbia, South Carolina 29201(2)
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(Address of Principle Executive Offices) (Zip Code)
Registrant's telephone number, including area code (803)748-2000
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Former Name or Former Address, if Changed Since Last Report
Item 5. Other Events
Ernst N. Csiszar, President and Chief Executive Officer of The Seibels Bruce
Group, Inc. (NASDAQ: SBIG), announced the closing of an investment of $3,270,000
by a group headed by Pepsico of Florence, South Carolina. The investment is
in the form of authorized but unissued stock. The investment group was also
granted options expiring at the end of the year 2000 to purchase an
additional 1.635 million shares priced at the higher of $2.50 per share or book
value at the date of exercise.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
20 News Release -- The Seibels Bruce Group, Inc. announces the
closing of an investment of $3,270,000 by a group headed by
Pepsico of Florence, South Carolina.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE SEIBELS BRUCE GROUP, INC.
/s/ Priscilla C. Brooks
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Priscilla C. Brooks
Vice President and Corporate Secretary
EXHIBIT 20
NEWS RELEASE................... MARCH 29, 1996................ COLUMBIA, SOUTH
CAROLINA
Ernst N. Csiszar, President and Chief Executive Officer of The Seibels Bruce
Group, Inc. (NASDAQ: SBIG), announced today the closing of an investment of
$3,270,000 by a group headed by Pepsico of Florence, South Carolina.
The investment is in the form of authorized, but unissued stock. The issuance
of these shares virtually exhausts the amount of existing stock available for
sale. The investment group was also granted options expiring at the end of
the year 2000 to purchase an additional 1.635 million shares priced at the
higher of $2.50 per share or book value at the date of exercise.
As previously announced, the shareholders will be asked during the second
quarter to approve a $6,250,000 investment by a group headed by Charles Powers,
and an increase from 25 million to 50 million in the authorized number of
shares. In addition, shareholders will be requested to approve at the special
shareholders' meeting, stock option plans previously approved by the Board for
Employees, Agents, and Non employee Directors.
Csiszar stated, "We are pleased to have the new investors. Their investment is
significant, but not so large that it required regulatory approval, and bears
no restrictions as to use of funds. We anticipate that the funds will allow
us to repay the only existing debt of the Company, and become debt free by
May 1."
Contact Person:
Ernst N. Csiszar
(803)748-2000
