Enstar Group Inc. said Monday that its shareholders have approved the sale to J. Christopher Flowers of 1.16 million newly issued shares of common stock for $15 million.
Enstar also said that it completed the sale of shares to Mr. Flowers last Friday in exchange for a full-recourse promissory note, resulting in Mr. Flowers' owning about 23% of Enstar's outstanding common stock.
Mr. Flowers, former head of bank mergers at Goldman, Sachs & Co. in New York, became vice chairman of Enstar Dec. 1. He had been an outside director since October 1996.
Enstar chairman Nimrod T. Frazer said he was "very pleased that the shareholders approved the transaction, and we look forward to applying Chris Flowers' business acumen and contacts in his enhanced position as vice chairman in locating and acquiring an operating company."
Enstar is an investment company without any investments. It does, however, have about $80 million in cash, and it is looking to invest it in a financial institution or some other company.