The Board of Directors of Alliance International Reinsurance Public Company Limited (the “Company”) presents the Interim Management Statement of the Company and its subsidiaries (the “Group”) for the period from 1 July 2008 to 14 November 2008, that has been prepared in accordance with the provisions of article 11 of the Transparency Requirements (Traded Securities in a Regulated Market) Law of 2007 (Ν. 190(Ι)/2007) and has not been audited by the Group’s external auditors.
Significant Events
On 13 August 2008 Flagstone Reassurance Suisse SA announced its decision to submit a Voluntary Public Offer (the “Offer”) for the acquisition of up to 100% of the share capital of Alliance International Reinsurance Public Co Ltd (“Alliance Re”). At that date, Flagstone Reassurance Suisse SA was holding 20.475.828 shares, thus 29,96% of Alliance Re’s share capital.
The Chairman and CEO of Alliance Re, Khader Hemsi that was holding 10.889.522 shares in Alliance Re (15,93%) and associated persons to Khader Hemsi holding 2.775.060 shares (4,06%) have irrevocably committed to accept the Offer.
Andreas Aloneftis, Alliance Re’s Executive Vice Chairman and Infineon Investments Ltd (a related company to Andreas Aloneftis) holding 65.020 and 4.457.262 shares (6,52%) respectively have also irrevocably committed to accept the Offer.
On 9 September 2008 the Cyprus Securities and Exchange Commission (CySEC) approved the publication of the Offer Document by Flagstone.
As described in the Offer Document, Flagstone proposed a cash consideration of €0,48 per ordinary issued share of Alliance Re.
At a meeting held on 2nd October 2008, the Board of Directors of Alliance Re examined the Public Offer Document submitted by Flagstone and after taking into consideration the report of the Independent Experts, Grant Thornton, concluded that the proposed consideration of the Public Offer by Flagstone Reassurance Suisse SA to the Shareholders of the Company for the acquisition of 100% of the Company’s share capital was fair and reasonable and adopted the report of Grant Thornton in its totality.
On 27 October 2008 Flagstone announced that the public offer for the acquisition of up to 100% of the issued share capital of Alliance Re, which was submitted on August 13, 2008, had been completed.
The total rate of acceptance of the Public Offer by the shareholders of Alliance Re stood at 38.69%, since the acceptances submitted were for 26,445,477 shares of Alliance Re. The total rate of acceptance together with the 54.12% that the Offeror held at the expiry of the Public Offer on October 16, 2008, gave to the Offeror a total stake of 92.81% in the share capital of Alliance Re.
On 31 October 2008 Flagstone announced that it has taken all necessary measures for the squeeze out, and has submitted the necessary application for the commencement of the procedure to the Cyprus Securities and Exchange Commission.
On 7 November 2008 the CSE Council decided to transfer the titles of Alliance International Reinsurance Public Company Ltd from the Parallel Market to the Special Characteristics Market after the result of the Public Offer of Flagstone, pursuant to Paragraph 2.2.3(a) of KPD 596/2007 on the failure to abide by the constant obligations of the Market that the Company was listed in, especially the minimum dispersion to the public.
There are no other significant events or material transactions affecting the Group’s results during the above mentioned period.
Financial review for the Period 1st January to 30th September 2008
Gross reinsurance premiums written for the period 1 January to 30 September 2008 amounted to € 34.243.943 against € 36.596.351 for the corresponding period of 2007. Gross reinsurance premiums written for the same period expressed in US$ which is the main currency in which the Company transacts business totaled $ 52.283.652 against $ 49.200.134 for the corresponding period of 2007, representing an increase of 6,27%.
Net earned premiums amounted to € 18.020.804 against € 20.355.806 for the corresponding period of 2007. Net earned premiums for the same period expressed in US$ totaled $ 27.514.164 against $ 27.366.346 for the corresponding period of 2007, representing an increase of 0,54%.
Due to of the international crisis in the financial markets, Net Investment loss for the period amounted to € 104.163 against a profit of € 15.167.855 for the corresponding period of 2007 which however included a profit of € 13.822.586 from the revaluation of investment property. Commissions and other operating revenue, which arose from the Company’s subsidiaries for the period, amounted to € 999.584 against € 637.1494 for the corresponding period of 2007.
Due to the decrease of premiums earned and the net investment loss, which has resulted mainly because of the turmoil in the financial markets, the loss from operations amounted to € 1.789.092 against a profit € 13.588.030 for the corresponding period of 2007, which however included a profit of € 13.822.586 from the revaluation of investment property.
The loss attributable to equity holders of the Company, after minority interest, amounted to € 1.904.413 against a profit of € 11.312.363 for the corresponding period of 2007. The Company’s book value as at 30 September 2008 was € 0,6623 per share.
Significant Events
On 13 August 2008 Flagstone Reassurance Suisse SA announced its decision to submit a Voluntary Public Offer (the “Offer”) for the acquisition of up to 100% of the share capital of Alliance International Reinsurance Public Co Ltd (“Alliance Re”). At that date, Flagstone Reassurance Suisse SA was holding 20.475.828 shares, thus 29,96% of Alliance Re’s share capital.
The Chairman and CEO of Alliance Re, Khader Hemsi that was holding 10.889.522 shares in Alliance Re (15,93%) and associated persons to Khader Hemsi holding 2.775.060 shares (4,06%) have irrevocably committed to accept the Offer.
Andreas Aloneftis, Alliance Re’s Executive Vice Chairman and Infineon Investments Ltd (a related company to Andreas Aloneftis) holding 65.020 and 4.457.262 shares (6,52%) respectively have also irrevocably committed to accept the Offer.
On 9 September 2008 the Cyprus Securities and Exchange Commission (CySEC) approved the publication of the Offer Document by Flagstone.
As described in the Offer Document, Flagstone proposed a cash consideration of €0,48 per ordinary issued share of Alliance Re.
At a meeting held on 2nd October 2008, the Board of Directors of Alliance Re examined the Public Offer Document submitted by Flagstone and after taking into consideration the report of the Independent Experts, Grant Thornton, concluded that the proposed consideration of the Public Offer by Flagstone Reassurance Suisse SA to the Shareholders of the Company for the acquisition of 100% of the Company’s share capital was fair and reasonable and adopted the report of Grant Thornton in its totality.
On 27 October 2008 Flagstone announced that the public offer for the acquisition of up to 100% of the issued share capital of Alliance Re, which was submitted on August 13, 2008, had been completed.
The total rate of acceptance of the Public Offer by the shareholders of Alliance Re stood at 38.69%, since the acceptances submitted were for 26,445,477 shares of Alliance Re. The total rate of acceptance together with the 54.12% that the Offeror held at the expiry of the Public Offer on October 16, 2008, gave to the Offeror a total stake of 92.81% in the share capital of Alliance Re.
On 31 October 2008 Flagstone announced that it has taken all necessary measures for the squeeze out, and has submitted the necessary application for the commencement of the procedure to the Cyprus Securities and Exchange Commission.
On 7 November 2008 the CSE Council decided to transfer the titles of Alliance International Reinsurance Public Company Ltd from the Parallel Market to the Special Characteristics Market after the result of the Public Offer of Flagstone, pursuant to Paragraph 2.2.3(a) of KPD 596/2007 on the failure to abide by the constant obligations of the Market that the Company was listed in, especially the minimum dispersion to the public.
There are no other significant events or material transactions affecting the Group’s results during the above mentioned period.
Financial review for the Period 1st January to 30th September 2008
Gross reinsurance premiums written for the period 1 January to 30 September 2008 amounted to € 34.243.943 against € 36.596.351 for the corresponding period of 2007. Gross reinsurance premiums written for the same period expressed in US$ which is the main currency in which the Company transacts business totaled $ 52.283.652 against $ 49.200.134 for the corresponding period of 2007, representing an increase of 6,27%.
Net earned premiums amounted to € 18.020.804 against € 20.355.806 for the corresponding period of 2007. Net earned premiums for the same period expressed in US$ totaled $ 27.514.164 against $ 27.366.346 for the corresponding period of 2007, representing an increase of 0,54%.
Due to of the international crisis in the financial markets, Net Investment loss for the period amounted to € 104.163 against a profit of € 15.167.855 for the corresponding period of 2007 which however included a profit of € 13.822.586 from the revaluation of investment property. Commissions and other operating revenue, which arose from the Company’s subsidiaries for the period, amounted to € 999.584 against € 637.1494 for the corresponding period of 2007.
Due to the decrease of premiums earned and the net investment loss, which has resulted mainly because of the turmoil in the financial markets, the loss from operations amounted to € 1.789.092 against a profit € 13.588.030 for the corresponding period of 2007, which however included a profit of € 13.822.586 from the revaluation of investment property.
The loss attributable to equity holders of the Company, after minority interest, amounted to € 1.904.413 against a profit of € 11.312.363 for the corresponding period of 2007. The Company’s book value as at 30 September 2008 was € 0,6623 per share.
Friday, 14 November, 2008 - 15:43