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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
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NOVEMBER 11, 1998
(Date of earliest event reported)
NOBEL INSURANCE LIMITED
(Exact name of registrant as specified in its charter)
ISLANDS OF BERMUDA 0-10071 98-0076395
(State or other jurisdiction of (Commission file number ) (I.R.S. employer
incorporation or organization) identification no.)
SUITE 409, INTERNATIONAL CENTRE
26 BERMUDIANA ROAD
HAMILTON, BERMUDA HM 11
(Address of principal executive offices)
441-292-7104
(Registrant's telephone number,
including area code)
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ITEM 5. OTHER EVENTS
On November 11, 1998, the capital shares of Nobel Insurance Limited (the
"Company") were delisted from The Nasdaq Stock Market pursuant to Nasdaq
Marketplace Rule 4450(f) because the Company is currently engaged in a
voluntary winding up, or liquidation, of its business and operations under
Bermuda law. Rule 4450(f) gives Nasdaq the ability to terminate a listing if
a liquidation has been authorized and the issuer is committed to proceed.
The Company's capital shares have been subject to delisting pursuant to this
rule since at least June 25, 1998.
On June 25, 1998, the Company completed the sale of its operating
assets. Pursuant to a Plan of Liquidation previously adopted by the Company's
shareholders, the Company paid an initial liquidating distribution of $13.00
per share to its shareholders. On July 10, 1998, the Company's shareholders
approved the voluntary winding up and the appointment of Malcolm Butterfield
as Liquidator to oversee the voluntary winding up of the Company, which is
currently in progress.
Upon delisting from The Nasdaq Stock Market, the Company anticipates
that its capital shares may continue to be traded over the counter until the
completion of the voluntary winding up.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 -- Press release dated November 10, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NOBEL INSURANCE LIMITED
Dated: November 11, 1998 By: /s/ Jeffry K. Amsbaugh
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Jeffry K. Amsbaugh, President
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT: JEFFRY K. AMSBAUGH
BRYAN L. MARTIN
PRESS RELEASE
November 10, 1998 -- Hamilton, Bermuda....Nobel Insurance Limited
(Nasdaq-NOBLF) ("Nobel") today announced that its capital shares will no
longer be listed for trading on The Nasdaq Stock Market commencing on or
about November 11, 1998.
Nasdaq has given the Company notice of the scheduled delisting based on
Nasdaq rules because the Company is currently engaged in a voluntary winding
up, or liquidation, of its business and operations under Bermuda Law.
On June 25, 1998, the Company completed the sale of its operating assets.
Pursuant to a Plan of Liquidation previously adopted by the Company's
shareholders, the Company paid an initial liquidating distribution of $13.00
per share to its shareholders. On July 10, 1998, the Company's shareholders
approved the voluntary winding up and the appointment of Malcolm Butterfield
as Liquidator to oversee the voluntary winding up of the Company, which is
currently in progress.
Upon delisting from The Nasdaq Stock Market, the Company anticipates that its
capital shares may continue to be traded over the counter until the
completion of the voluntary winding up.
