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Scottish Re Posts to its Website Restated Second Quarter 2009 Financial Statements

Posted by Dana in November 18th 2009

Scottish Re Group Limited (Pink Sheets:SKRRF) “Scottish Re” or the “Company”, announced that it has posted to its website restated unaudited consolidated financial statements for the three and six months ended June 30, 2009. Basic income (loss) per ordinary share and diluted income (loss) per ordinary share have been updated in the restated financial statements to include the impact of continuing and discontinued operations for the three and six months ended June 30, 2008. The restated financial statements highlight that the previously reported basic and diluted loss of $6.81 per ordinary share for the three months ended June 30, 2008 included $6.05 loss per ordinary share from continuing operations and $0.76 loss per ordinary share from discontinued operations. The restated financial statements also highlight that the previously reported basic and diluted loss of $17.56 per ordinary share for the six months ended June 30, 2008 included $16.81 loss per ordinary share from continuing operations and $0.75 loss per ordinary share from discontinued operations. The restatements to the financial statements for the three and six months ended June 30, 2009 are limited to disclosure matters on earnings per ordinary share for continuing and discontinued operations and do not result in any change to previously reported consolidated income (loss) or total shareholders’ deficit. The restated unaudited consolidated interim financial statements also include updated disclosures on subsequent events to include events up to and including the restated filing date of November 16, 2009.