Mariehamn, 2014-06-12 08:00 CEST (GLOBE NEWSWIRE) --
Viking Line Abp STOCK EXCHANGE RELEASE June 12, 2014, 09.00
De-mutualisation and merger within the Alandia Insurance Group
With reference to our stock exchange release of February 25, 2014, please be advised that yesterday on June 11, 2014, the first annual general meeting of Redarnas Ömsesidiga Försäkringsbolag (Finnish business identity code 0145065-2), ”RÖF” − an Åland-based shipowners’ mutual insurance company and parent company of the Alandia Insurance Group − approved the de-mutualisation and merger plan whose purpose is to reorganise RÖF into a limited liability insurance company and to merge RÖF with its wholly owned insurance subsidiary Försäkringsaktiebolaget Alandia (0205048-2), ”Alandia”, with RÖF as the acquiring company and Alandia as the acquired company.
The purpose of the proposed changes includes: Clarifying ownership conditions and assets, simplifying administration as well as strengthening the company and the development potential that the merged, financially very solid company will have.
Implementation of the plan requires additional consent from the Finnish Financial Supervisory Authority in compliance with the Insurance Companies Act, Chapter 19, Section 5 and Chapter 22, Section 4 plus the approval of a second general meeting of the co-owners of RÖF. According to plans, the process will be carried out in such a way that both the change in the legal form of RÖF and the merger are registered on December 31, 2014.
After implementation of the de-mutualisation and merger, 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 RÖF that has lasted at least one year. According to preliminary calculations, Viking Line Abp's ownership share in the merged company will amount to slightly more than 20 per cent.
Approximate timetable for continued execution of the plan:
July 14, 2014 Approval by the second general meeting of RÖF
September 1, 2014 Consent from the Financial Supervisory Authority
December 31, 2014 Registration in the Trade Register of the change in legal form,
new articles of association and merger.
For further information on Alandia Insurance, please see www.alandia.com
Viking Line Abp
President and CEO
CEO Jan Hanses, firstname.lastname@example.org , +358-(0)18-27000