Advantage: Clarifications for intention to alienate its strategic participation in insurance companies
Further to its previous announcement which declared its intention to alienate its strategic participation in companies with insurance activities, Advantage Capital Plc announces the following:
The Board of Directors decided to accept the proposal of Elma Holdings Plc for the sale of 25.88% of its direct stake in Liberty Life Insurance Plc via the sale of 23,500,000 shares against the sum of €3,877,500, which corresponds to €0.165 per share.
With the finalization of the transaction above, the Company reduced its direct stake in Liberty Life Insurance Plc from 35.38% to 9.5%. Its total direct and indirect shareholding in the Company currently stands at 13.96%.
With the reduction of its stake in Liberty Life Insurance Plc, the remaining investment is not regarded by the Board of Directors as strategic participation and it examines proposals for its immediate sale.
The Company’s decision not to participate in Liberty Life Insurance Plc after nine and more years is a sign for its complete way out from the insurance activities. At the current stage, the Company continues to have contacts and to evaluate the proposals concerning the remaining insurance subsidiaries.
With the decision above, the Company seeks to protect its economic interests and to improve its position so as to deal with the challenges and the obligations. It also seeks to secure guarantees so as to prepare its new strategic course in relation to its investments and the sector of its activities.
The Board of Directors decided to accept the proposal of Elma Holdings Plc for the sale of 25.88% of its direct stake in Liberty Life Insurance Plc via the sale of 23,500,000 shares against the sum of €3,877,500, which corresponds to €0.165 per share.
With the finalization of the transaction above, the Company reduced its direct stake in Liberty Life Insurance Plc from 35.38% to 9.5%. Its total direct and indirect shareholding in the Company currently stands at 13.96%.
With the reduction of its stake in Liberty Life Insurance Plc, the remaining investment is not regarded by the Board of Directors as strategic participation and it examines proposals for its immediate sale.
The Company’s decision not to participate in Liberty Life Insurance Plc after nine and more years is a sign for its complete way out from the insurance activities. At the current stage, the Company continues to have contacts and to evaluate the proposals concerning the remaining insurance subsidiaries.
With the decision above, the Company seeks to protect its economic interests and to improve its position so as to deal with the challenges and the obligations. It also seeks to secure guarantees so as to prepare its new strategic course in relation to its investments and the sector of its activities.
