Scottish Re Group postponed release of its second quarter results and conference call, both of which were scheduled for yesterday, because it has not quite finished analysing the effect of US tax and other implications resulting from its change in control earlier this year.

The global life reinsurance specialist, based in Par-La-Ville Road, has fallen foul of its requirement to file its Form 10-Q for the second quarter with the US Securities and Exchange Commission.

However, now intends to fulfil its obligation to lodge a 10-Q update next Tuesday, which will be five calander dates late.

In the meantime Scottish Re has filed a 12b-25 form with the SEC informing the commission of the matter.

Paul Goldean, chief executive officer, said: "During the second quarter close process we conducted a comprehensive analysis of our 2006 US statutory filings and analysed the tax effects of our change-in-control and redomestication of the Orkney I securitisation. We have not yet completed these projects, and therefore, believe it prudent to delay, for no more than five days, the filing of the second quarter Form 10-Q."

Mr. Goldean added: "At this point we believe that the US statutory filing review will have no material effect on our GAAP or tax positions and that the change-in-control and the redomestication analysis will result in a material tax benefit to Scottish Re." Pre-tax operating results would be consistent with the guidance provided during ther company's first quarter conference call."