Schedule 14A


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934

(Amendment No.   )

Filed by the Registrant þ

Filed by a Party other than the Registrant o

Check the appropriate box:

þ Preliminary Proxy Statement

o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

o Definitive Proxy Statement

o Definitive Additional Materials

o Soliciting Material Pursuant to §240.14a-12

ENSTAR GROUP LIMITED

 

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

þ No fee required.

o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

(1)

 

Title of each class of securities to which transaction applies:

     

 

 

 

 

 

 

(2)

 

Aggregate number of securities to which transaction applies:

     

 

 

 

 

 

 

(3)

 

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

     

 

 

 

 

 

 

(4)

 

Proposed maximum aggregate value of transaction:

     

 

 

 

 

 

 

(5)

 

Total fee paid:

     

 




 

 

 

o

 

Fee paid previously with preliminary materials.


 

 

 

o

 

Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.




 

(1)

 

Amount Previously Paid:

     

 

 

 

 

 

 

(2)

 

Form, Schedule or Registration Statement No.:

     

 

 

 

 

 

 

(3)

 

Filing Party:

     

 

 

 

 

 

 

(4)

 

Date Filed:


 

 

 

 

 

 

 

 

 



 

ENSTAR GROUP LIMITED
 

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS
TO BE HELD ON JUNE 28, 2011

 

Notice is hereby given that the Annual General Meeting of Shareholders of Enstar Group Limited (the “Company”) will be held at the Tucker’s Point Hotel located at 60 Tucker’s Point Drive, Hamilton Parish, Bermuda, on Tuesday, June 28, 2011 at 9:00 a.m. local time for the following purposes:

 

Proposal Related to the Private Placement

 


 

 

 

 

1A. 

To approve the issuance of additional securities in the Third Closing of the Private Placement described in the Company’s proxy statement.

 

 

 

 

 

1B. 

To amend the Company’s bye-laws to reallocate the authorized share capital in connection with the Private Placement.

 

 

 

 

1C. 

To amend the Company’s bye-laws to create additional series of non-voting common shares in connection with the Private Placement.

 

 

 

 

 

1D. 

To amend the Company’s bye-laws relating to the U.S. Shareholder voting power reduction provision in connection with the Private Placement.

 

 

 

 

 

1E. 

To amend the Company’s bye-laws relating to the indemnification and exculpation of directors and officers in connection with the Private Placement.

 

 

 

 

 

1F. 

To amend the Company’s bye-laws relating to the corporate opportunity provision in connection with the Private Placement.

 

Other Proposals

 

 

 

 

 

2. 

To elect two Class II Directors nominated by our Board of Directors to hold office until 2014.

 

 

 

 

3. 

To hold an advisory vote on executive compensation.

 

 

 

 

4. 

To hold an advisory vote on the frequency of future advisory votes on executive compensation.

 

 

 

 

5. 

To amend the Company’s bye-laws to align them with recent amendments to the Bermuda Companies Act regarding the deemed delivery of electronic records.

 

 

 

 

6. 

To ratify the selection of Deloitte & Touche Ltd., Bermuda, to act as our independent registered public accounting firm for the fiscal year ending December 31, 2011 and to authorize the Board of Directors, acting through the Audit Committee, to approve the fees for the independent registered public accounting firm.

 

 

 

 

7. 

To act on the election of directors for our subsidiaries.

 

 

 

 

8. 

To authorize the proxies to adjourn or postpone the meeting in their discretion.

 

 

 

 

9. 

To transact such other business as may properly come before the meeting or any postponement or adjournment thereof.

 

Only shareholders of record at the close of business on April 15, 2011 are entitled to notice of and to vote at the meeting.
 

You are cordially invited to attend the Annual General Meeting in person. To ensure that your vote is counted at the meeting, however, please vote as promptly as possible. You can vote your shares over the internet, by telephone, or by signing, dating and returning the proxy card in the envelope provided. Submitting your proxy now in any of these ways will not prevent you from voting your shares at the meeting if you desire to do so, as your vote by proxy is revocable at your option in the manner described in the proxy statement.

 

By Order of the Board of Directors,

 



Scott Davis

Corporate Secretary

 

Hamilton, Bermuda

May   , 2011

 

 

IMPORTANT NOTICE REGARDING THE AVAILABILITY

OF PROXY MATERIALS FOR THE ANNUAL GENERAL MEETING

OF SHAREHOLDERS TO BE HELD ON JUNE 28, 2011

 

This notice of meeting, the proxy statement, the proxy card and the annual report to shareholders for the year ended December 31, 2010 are available at http://www.enstargroup.com/financial-information by clicking on “Materials for 2011 Annual Meeting.”
 

 

TABLE OF CONTENTS

 

 

 

 

 

 

Questions and Answers

 

 

1

 

The Private Placement

 

 

8

 

Proposal No. 1A — Issuance of Additional Securities in the Private Placement

 

 

18

 

Proposal No. 1B — Amendment of Bye-Laws in connection with the Private Placement — Reallocation of Authorized Share Capital

 

 

19

 

Proposal No. 1C — Amendment of Bye-Laws in connection with the Private Placement — Creation of Additional Series of Non-Voting Common Shares

 

 

20

 

Proposal No. 1D — Amendment of Bye-Laws in connection with the Private Placement — U.S. Shareholder Voting Power Reduction Provision

 

 

21

 

Proposal No. 1E — Amendment of Bye-Laws in connection with the Private Placement — Indemnification and Exculpation of Directors and Officers

 

 

22

 

Proposal No. 1F — Amendment of Bye-Laws in connection with the Private Placement — Corporate Opportunity Provision

 

 

23

 

Corporate Governance

 

 

24

 

Principal Shareholders and Management Ownership

 

 

32

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

 

34

 

Certain Relationships and Related Transactions

 

 

35

 

Executive Compensation

 

 

38

 

Compensation Committee Report

 

 

38

 

Compensation Discussion and Analysis

 

 

38

 

2010 Compensation

 

 

44

 

Equity Compensation Plan Information

 

 

55

 

Audit Committee Report

 

 

56

 

Proposal No. 2 — Election of Directors

 

 

57

 

Proposal No. 3 — Advisory Vote on Executive Compensation

 

 

58

 

Proposal No. 4 — Advisory Vote on Frequency of Say-on-Pay Votes

 

 

59

 

Proposal No. 5 — Amendment of Bye-Laws — Deemed Delivery of Electronic Records

 

 

60

 

Proposal No. 6 — Ratification of Selection of Independent Registered Public Accounting Firm

 

 

61

 

Proposal No. 7 — Election of Directors for our Subsidiaries

 

 

62

 

Proposal No. 8 — Adjournment or Postponement of the Meeting

 

 

74

 

Other Governance Matters

 

 

75

 

Annex A — Proposed Amendments to Bye-Law 4.1

 

 

A-1

 

Annex B — Proposed Amendments to Bye-Laws 1.1, 4.2, 4.3 and 15

 

 

B-1

 

Annex C — Proposed Amendments to Bye-Laws 1.1 and 4.7

 

 

C-1

 

Annex D — Proposed Amendments to Bye-Law 1.1 and Addition of Bye-Laws 53.3 and 53.4

 

 

D-1

 

Annex E — Proposed Amendments to Bye-Law 1.1 and Addition of Bye-Law 53A

 

 

E-1

 

Annex F — Proposed Amendments to Bye-Law 24

 

 

F-1

 

 
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