Public Offer of Flagstone Reassurance SA to the shareholders of Alliance International Reinsurance Public Company Limited completed
Flagstone Reassurance Suisse S.A. announces that the public offer for the acquisition of up to 100% of the issued share capital of Alliance International Reinsurance Public Company Limited, which was submitted on August 13, 2008, has 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, gives to the Offeror a total stake of 92.81% in the share capital of Alliance Re.
The cheques to the shareholders who accepted the Public Offer and the payments via the bank accounts have been carried out on October 24, 2008 and Flagstone Re proceeded with an off-floor transfer of titles via CISCO.
According to the PO terms, “if the Offeror acquires more than 90% in the share capital of the Company, it intends to exercise its right pursuant to article 36 of the Public Offering and Acquisition Law 2007 for a squeeze out so as to acquire 100% of the shares of Alliance Re. This right is exercised within 3 months from the expiry of the period of acceptance of the Public Offer and the Offeror intends to exercise this right the soonest possible.
Also, pursuant to article 37 of the Public Offering and Acquisition Law 2007, the holders of the remaining titles of ALL are entitled to demand by the Offeror to acquire their own titles too at a fair price. This right is exercised within 3 months from the expiry of the period of acceptance of the public offer.
Flagstone Reassurance Suisse S.A. announces that the public offer for the acquisition of up to 100% of the issued share capital of Alliance International Reinsurance Public Company Limited, which was submitted on August 13, 2008, has 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, gives to the Offeror a total stake of 92.81% in the share capital of Alliance Re.
The cheques to the shareholders who accepted the Public Offer and the payments via the bank accounts have been carried out on October 24, 2008 and Flagstone Re proceeded with an off-floor transfer of titles via CISCO.
According to the PO terms, “if the Offeror acquires more than 90% in the share capital of the Company, it intends to exercise its right pursuant to article 36 of the Public Offering and Acquisition Law 2007 for a squeeze out so as to acquire 100% of the shares of Alliance Re. This right is exercised within 3 months from the expiry of the period of acceptance of the Public Offer and the Offeror intends to exercise this right the soonest possible.
Also, pursuant to article 37 of the Public Offering and Acquisition Law 2007, the holders of the remaining titles of ALL are entitled to demand by the Offeror to acquire their own titles too at a fair price. This right is exercised within 3 months from the expiry of the period of acceptance of the public offer.
Monday, 27 October, 2008 - 09:59