FBD Holdings plc will host an extraordinary general meeting of shareholders on 30 December 2015 to approve two resolutions in relation to the €70m investment made by Fairfax Financial Holdings in the insurer through a private convertible bond.

Shareholder approval will be sought to allow the convertible bond convert into approximately 19.2% of FBD Holdings equity (shares) to Fairfax at some point in the future.

There is an option on the bond to convert to equity, should the shares move to €8.50. This represented a 37% premium at the time for FBD.

Securing the bond from Fairfax was essential for FBD to meet its capital requirements ahead of the implementation of Solvency II regulations from the Central Bank.

The EGM will take place at 11am on 30 December 2015 at the Irish Farm Centre, Bluebell, Dublin 12.