Planned de-mutualisation and merger within the Alandia Insurance Group
The Supervisory Boards of Redarnas Ömsesidiga Försäkringsbolag (Finnish business identity code 0145065-2) – an Åland-based shipowners’ mutual insurance company and parent company of the Alandia Insurance Group – and of its wholly owned insurance subsidiary Försäkringsbolaget Alandia (0205048-2), have today approved a de-mutualisation and merger plan that the Boards of Directors of the two companies have signed. The purpose of this plan is to reorganise Redarnas Ömsesidiga Försäkringsbolag into a limited liability insurance company and to merge the two companies, with Redarnas Ömsesidiga Försäkringsbolag as the acquiring company and Alandia as the acquired company. The plan only covers the above-mentioned two property and casualty insurance companies.
Assuming that the de-mutualisation and merger is completed according to plan, the shares in the new limited liability insurance company will be allocated proportionally on the basis of premiums paid during the years 2011 – 2013 by those companies that, on the merger date, have had an uninterrupted co-owner relationship with Redarnas Ömsesidiga Försäkringsbolag that has lasted at least one year.
Bore has had a co-owner relationship with Redarnas Ömsesidiga Försäkringsbolag since 2006. According to preliminary calculations, Bore's ownership share in the merged company will amount to slightly more than 15 per cent.
Estimated timetable for continued execution of the plan:
3 March 2014: Application for consent from the Financial Supervisory Authority
3 March 2014: Application for registration of the de-mutualisation and merger plan in the Finnish Trade Register
12 May 2014: Approval by the first general meeting of Redarnas Ömsesidiga Försäkringsbolag
18 June 2014: Approval by the second general meeting of Redarnas Ömsesidiga Försäkringsbolag
1 September 2014: Consent from the Financial Supervisory Authority
31 December 2014: Registration in the Trade Register of the change in legal form, new articles of association and merger.
For further information, please contact:
Josefina Tallqvist, Rettig Group, Investor Relations Manager
Tel: +358 40 7455276, email: firstname.lastname@example.org or www.rettig.fi
For further information about Alandia Insurance: www.alandia.com
Rettig Group is a Finnish family business that creates value for generations through sustainable and long-term growth. In all our businesses we focus on leading positions on selected markets and more customer value with less environmental impact. Today Rettig Group owns Rettig ICC – Europe's leading supplier of heat emitters and indoor climate comfort; Nordkalk – northern Europe’s leading supplier of limestone-based products for industry, agriculture and environmental care; and Bore – the industrial shipping service provider. In 2012, Rettig Group’s turnover was about 970 million euro and the group had about 4400 employees in 25 countries.