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Annuity & Life Re proposes reverse stock split

Financially beleaguered Annuity & Life Re has sunk to the depths of proposing a reverse stock split in an attempt to maintain its listing on the New York Stock Exchange.
A proposal to split the stock at a specified ratio within a range of one-for-two to one-for-twenty will be put to shareholders at the company’s AGM that is due to be held in Bermuda on August 5, 2004.