XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.24.3

Share Capital | 9 Months Ended
--- | ---
Sep. 30, 2024
Equity [Abstract] |
Share Capital | Share Capital Authorized and Issued Hamilton Group’s share capital is comprised as follows:
($ in thousands, except share information) |  |  |
Authorized: |  |  |
Common shares of $0.01 par value each (2024 and 2023: 150,000,000) |  |  |
Issued, outstanding and fully paid: | September 30, 2024 |  | December 31, 2023
Class A common shares (2024: 17,820,078 and 2023: 28,644,807) | $ | 178 |  |  | $ | 286 |
Class B common shares (2024: 63,668,995 and 2023: 56,036,067) | 637 |  |  | 560 |
Class C common shares (2024: 19,903,649 and 2023: 25,544,229) | 199 |  |  | 255 |
Total | $ | 1,014 |  |  | $ | 1,101 |
The following is a summary of the activity related to common shares authorized:
| Class A |  | Class B |  | Class C |  | Unclassified |  | Total
Balance - June 30, 2024 | 28,644,807 |  |  | 72,837,352 |  |  | 25,044,229 |  |  | 23,473,612 |  |  | 150,000,000 |
Share class conversions | (1,700,000) |  |  | 6,840,580 |  |  | (5,140,580) |  |  | — |  |  | — |
Balance - September 30, 2024 | 26,944,807 |  |  | 79,677,932 |  |  | 19,903,649 |  |  | 23,473,612 |  |  | 150,000,000 |
| Class A |  | Class B |  | Class C |  | Unclassified |  | Total
Balance - June 30, 2023 | 53,993,690 |  |  | 50,480,684 |  |  | 30,525,626 |  |  | — |  |  | 135,000,000 |
Increase in authorized share capital | — |  |  | 15,000,000 |  |  | — |  |  | — |  |  | 15,000,000 |
Balance - September 30, 2023 | 53,993,690 |  |  | 65,480,684 |  |  | 30,525,626 |  |  | — |  |  | 150,000,000 |
| Class A |  | Class B |  | Class C |  | Unclassified |  | Total
Balance - December 31, 2023 | 28,644,807 |  |  | 72,337,352 |  |  | 25,544,229 |  |  | 23,473,612 |  |  | 150,000,000 |
Share class conversions | (1,700,000) |  |  | 7,340,580 |  |  | (5,640,580) |  |  | — |  |  | — |
Balance - September 30, 2024 | 26,944,807 |  |  | 79,677,932 |  |  | 19,903,649 |  |  | 23,473,612 |  |  | 150,000,000 |
| Class A |  | Class B |  | Class C |  | Unclassified |  | Total
Balance - December 31, 2022 | 53,993,690 |  |  | 50,480,684 |  |  | 30,525,626 |  |  | — |  |  | 135,000,000 |
Increase in authorized share capital | — |  |  | 15,000,000 |  |  | — |  |  | — |  |  | 15,000,000 |
Balance - September 30, 2023 | 53,993,690 |  |  | 65,480,684 |  |  | 30,525,626 |  |  | — |  |  | 150,000,000 |
The following is a summary of the activity related to common shares issued and outstanding:
| Class A |  | Class B |  | Class C |  |  |  | Total
Balance - June 30, 2024 | 19,520,078 |  |  | 57,358,464 |  |  | 25,044,229 |  |  |  |  | 101,922,771 |
Share class conversions | (1,700,000) |  |  | 6,840,580 |  |  | (5,140,580) |  |  |  |  | — |
Share repurchases | — |  |  | (530,049) |  |  | — |  |  |  |  | (530,049) |
Balance - September 30, 2024 | 17,820,078 |  |  | 63,668,995 |  |  | 19,903,649 |  |  |  |  | 101,392,722 |
| Class A |  | Class B |  | Class C |  |  |  | Total
Balance - June 30, 2023 | 30,520,078 |  |  | 42,638,190 |  |  | 30,525,626 |  |  |  |  | 103,683,894 |
Director share awards granted | — |  |  | 20,112 |  |  | — |  |  |  |  | 20,112 |
Balance - September 30, 2023 | 30,520,078 |  |  | 42,658,302 |  |  | 30,525,626 |  |  |  |  | 103,704,006 |
| Class A |  | Class B |  | Class C |  |  |  | Total
Balance - December 31, 2023 | 28,644,807 |  |  | 56,036,067 |  |  | 25,544,229 |  |  |  |  | 110,225,103 |
Share class conversions | (1,700,000) |  |  | 7,340,580 |  |  | (5,640,580) |  |  |  |  | — |
Vesting of awards | — |  |  | 761,261 |  |  | — |  |  |  |  | 761,261 |
Exercise of warrants | — |  |  | 245,779 |  |  | — |  |  |  |  | 245,779 |
Director share awards granted | — |  |  | 20,383 |  |  | — |  |  |  |  | 20,383 |
Share repurchases | (9,124,729) |  |  | (735,075) |  |  | — |  |  |  |  | (9,859,804) |
Balance - September 30, 2024 | 17,820,078 |  |  | 63,668,995 |  |  | 19,903,649 |  |  |  |  | 101,392,722 |
| Class A |  | Class B |  | Class C |  |  |  | Total
Balance - December 31, 2022 | 30,520,078 |  |  | 42,042,155 |  |  | 30,525,626 |  |  |  |  | 103,087,859 |
Vesting of awards | — |  |  | 735,013 |  |  | — |  |  |  |  | 735,013 |
Director share awards granted | — |  |  | 44,892 |  |  | — |  |  |  |  | 44,892 |
Share repurchases | — |  |  | (163,758) |  |  | — |  |  |  |  | (163,758) |
Balance - September 30, 2023 | 30,520,078 |  |  | 42,658,302 |  |  | 30,525,626 |  |  |  |  | 103,704,006 |
On May 8, 2024, the Company entered into an agreement to repurchase 9.1 million Class A common shares at $12.00 per share (the "Share Repurchase"). The total purchase price was $109.5 million. The common shares purchased by the Company were cancelled following the repurchase transaction. On August 7, 2024, the Board of Directors authorized a repurchase of the Company's common shares in the aggregate amount of $150.0 million (the "Authorization"), under which the Company may repurchase shares through open market repurchases and/or privately negotiated transactions. The Authorization will expire when the Company has repurchased the full value of shares authorized, unless terminated earlier by the Board of Directors. In the three months ended September 30, 2024, 0.5 million Class B common shares at an aggregate cost of $10.0 million and an average price of $18.87 per common share were repurchased and cancelled and $140.0 million remained available for purchase under the Authorization. In general, holders of Class A common shares and Class B common shares have one vote for each common share held while the Class C common shares have no voting rights, except as required by law. However, each holder of Class A common shares and Class B common shares is limited to voting (directly, indirectly or constructively, as determined for U.S. federal income tax purposes) that number of common shares equal to 9.5% of the total combined voting power of all classes of shares of the Company (or, in the case of a class vote by the holders of our Class B common shares, such as in respect of the election or removal of directors other than for directors who are appointed by certain shareholders pursuant to the Shareholders Agreement and our Bye-laws, a maximum of 14.92% of the total combined voting power). In addition, the Board of Directors may limit a shareholder’s voting rights when it deems it appropriate to do so to avoid certain material adverse tax, legal or regulatory consequences to the Company or any direct or indirect shareholder or its affiliates. The Company Bye-laws provide for the automatic redesignation of shares upon any transfer, whether or not for value, from (i) Class A common shares to Class B common shares and from (ii) Class C common shares to Class B common shares. Upon notice from a Class A Member to the Company that certain Class B common shares are held by a Class A Member or a Permitted Transferee thereof, if so requested by the Class A Member and upon approval by a Simple Majority of the Board, such Class B common shares shall convert automatically into the same number of Class A common shares. The number of authorized and issued Class B common shares shall be reduced by the aggregate number of such issued Class B common shares so converted and the number of authorized and issued Class A common shares shall be correspondingly increased by the same amount. Upon notice from a Class A Member and/or Class B Member to the Company and upon approval by a Simple Majority of the Board, such consent not to be unreasonably withheld or unduly delayed, such Class A common shares and/or Class B common shares shall be redesignated as Class C common shares. In such instance, the authorized and issued number of Class A common shares and/or Class B common shares shall be reduced by the aggregate number of such shares so converted and the number of Class C common shares shall be correspondingly increased by the same amount. Upon notice from a Class C Member to the Company and upon approval of a Simple Majority of the Board, such consent not to be unreasonably withheld or unduly delayed, such Class C common shares shall be redesignated Class B common shares. In such instance, the authorized and issued number of Class C common shares shall be reduced by the aggregate number of such Class C common shares so converted and the number of authorized and issued Class B common shares shall be correspondingly increased by the same amount. On September 13, 2024, 1.7 million Class A common shares were converted into Class C common shares at the request of the Class A Members and as approved by the Board. During the three and nine months ended September 30, 2024, 6.8 million and 7.3 million, respectively, Class C common shares were converted into Class B common shares at the request of the respective Class C Members and as approved by the Board.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration