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Flagstone: Squeeze out for acquisition of Alliance shares

Public Offer of Flagstone Reassurance Suisse SA to the shareholders of Alliance International Reinsurance Public Company Limited


Further to the announcement dated October 27, 2008 on the completion of the Public Offer to the shareholders of Alliance International Reinsurance Public Company Limited, Flagstone Reassurance Suisse SA announces that the stake of Flagstone Re in the share capital of Alliance Re stands at 92.81%.

Pursuant to the PO terms, “The Offeror has the right to exercise a squeeze out so as to acquire 100% of the shares of Alliance Re. The Offeror will convert Alliance Re into a private company and will apply for its delisting from the CSE, while in case that the Offeror acquires more than 90%of Alliance Re, the holders of the remaining titles of Alliance Re are entitled to request by the Offeror to buy their own titles at a fair price. This right is exercised within the period of three months from the expiry of the date of acceptance of the public offer”.

The Offeror announces that it has taken all necessary measures for the squeeze out, applying for the start of the procedure to the Securities and Exchange Commission.
Friday, 31 October, 2008 - 09:32