Squeeze out by Flagstone Reassurance Suisse SA Limited to the shareholders of Alliance International Reinsurance Public Company Limited
Flagstone Reassurance Suisse SA Limited announces that it has proceeded with a squeeze out for the acquisition of the total issued shares of Alliance International Reinsurance Public Company Limited. It is reminded that:
1. On August 13, 2008, Flagstone Reassurance Suisse SA submitted a Public Offer for the acquisition of up to 100% of the issued share capital of Alliance International Reinsurance Public Company Limited. The consideration that was offered cash stood at €0.48 per share of Alliance International Reinsurance Public Company Limited.
2. With the completion of the Public Offer procedure to the shareholders of Alliance on October 16, 2008, the shareholding of Flagstone in the share capital of Alliance stands at 92.81%.
3. Pursuant to the Public Offer terms as included in the Public Offer Document and as announced by Flagstone Reassurance Suisse SA, the Offeror will exercise a squeeze out so as to acquire 100% of the shares of Alliance, pursuant to article 36 of the Law.
4. Therefore, Flagstone submitted an application to the SEC for the acquisition of the total shares of Alliance with the transfer of the remaining titles via the squeeze out. The request was approved by the SEC on November 11, 2008.
Pursuant to the Law, CISCO, as underwriter, submitted the consideration to the shareholders of Alliance on the basis of €0.48 per share on December 5, 2008 together with an informative letter. The consideration was paid via the dispatch of cheques to the beneficiaries and in certain cases via its transfer to the operators, as instructed by the beneficiaries.
The Cyprus Stock Exchange has been informed on the dispatch of the informative letter and the consideration to the shareholders of Alliance so as to transfer the shares of Alliance in the name of Flagstone pursuant to article 36 of the Public Offering Law 2007 and the provisions u964 of the CSE Regulatory Decision KDP96/2008 that governs the squeeze out procedure.
This announcement is released within the framework of article 36(6) of the Public Offering and Acquisition Law 2007 and the provisions of the CSE Regulatory Decision KDP96/2008.
Flagstone Reassurance Suisse SA Limited announces that it has proceeded with a squeeze out for the acquisition of the total issued shares of Alliance International Reinsurance Public Company Limited. It is reminded that:
1. On August 13, 2008, Flagstone Reassurance Suisse SA submitted a Public Offer for the acquisition of up to 100% of the issued share capital of Alliance International Reinsurance Public Company Limited. The consideration that was offered cash stood at €0.48 per share of Alliance International Reinsurance Public Company Limited.
2. With the completion of the Public Offer procedure to the shareholders of Alliance on October 16, 2008, the shareholding of Flagstone in the share capital of Alliance stands at 92.81%.
3. Pursuant to the Public Offer terms as included in the Public Offer Document and as announced by Flagstone Reassurance Suisse SA, the Offeror will exercise a squeeze out so as to acquire 100% of the shares of Alliance, pursuant to article 36 of the Law.
4. Therefore, Flagstone submitted an application to the SEC for the acquisition of the total shares of Alliance with the transfer of the remaining titles via the squeeze out. The request was approved by the SEC on November 11, 2008.
Pursuant to the Law, CISCO, as underwriter, submitted the consideration to the shareholders of Alliance on the basis of €0.48 per share on December 5, 2008 together with an informative letter. The consideration was paid via the dispatch of cheques to the beneficiaries and in certain cases via its transfer to the operators, as instructed by the beneficiaries.
The Cyprus Stock Exchange has been informed on the dispatch of the informative letter and the consideration to the shareholders of Alliance so as to transfer the shares of Alliance in the name of Flagstone pursuant to article 36 of the Public Offering Law 2007 and the provisions u964 of the CSE Regulatory Decision KDP96/2008 that governs the squeeze out procedure.
This announcement is released within the framework of article 36(6) of the Public Offering and Acquisition Law 2007 and the provisions of the CSE Regulatory Decision KDP96/2008.
Tuesday, 9 December, 2008 - 09:44