CAYMAN NATIONAL CORPORATION ANNOUNCES NORMAL COURSE ISSUER BID
Cayman National Announces Normal Course Issuer Bid
George Town, Grand Cayman, Cayman Islands – January 7, 2008 -- Cayman National Corporation Ltd. (CSX: CNC KY) today announced that a Notice of Intention to make a Normal Course Issuer Bid has been filed with and accepted by the Cayman Islands Stock Exchange (“CSX”). Under its normal course issuer bid, CNC may purchase up to 840,000 of its common shares, representing approximately 2% of the shares fully paid, issued, and outstanding. CNC will cancel any common shares purchased pursuant to the normal course issuer bid. The purchases may commence on January 7, 2008 and will terminate on September 30, 2008, or on such earlier date as CNC may complete its purchases pursuant to the Notice of Intention as filed. Purchases will be made on the open market by CNC through Cayman National Securities Ltd. using the facilities of the CSX. The prices that CNC will pay for any purchased common shares will be the market price of such shares on the CSX at the time of acquisition. CNC will make no purchases of common shares other than open-market purchases.
CNC makes its normal course issuer bid as it believes that its common shares are an attractive investment and that normal course purchases represent an excellent opportunity to enhance value for shareholders.
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About Cayman National
Cayman National Corporation Ltd. is the largest financial services company based in the Cayman Islands, providing banking, trust and company management, fund administration, wealth management, and insurance services to clients locally and around the world, from the Cayman Islands and the Isle of Man. CNC is publicly traded on the Cayman Islands Stock Exchange.
Claudia Welds, Senior Executive, Corporate Communications, Tel: 345-815-5417 or
Patricia Estwick, Group Chief Financial Officer, Tel: 345-815-5830 or