Aspis: Reply to announcement of Universal Life BoD
In reply to the announcement of the Board of Directors of Universal Life Insurance PLC (UL), which recommends to the small shareholders of the company not to accept the Public Offer of Aspis Holdings Plc for the acquisition of their shares at £3.00 each cash, Aspis announces the following:
1. The Board of Directors of UL says that Aspis “has not proved that it can contribute to the progress and growth of the UL activities. However,
- Aspis is member of Aspis Group, which is actively involved in the insurance sector in the past 63 years
- With assets of more than €3,000,000,000
- With four companies listed in the ASE and the CSE
- With net capital of more than €500,000,000
- With higher growth rate than the market’s
The Board of Directors of UL will be informed on the abilities of Aspis Group, examining its development in the past few years. We quote the most significant actions of the past few years.
2. The Board of Directors of UL misleads the investors and supports that “they will be hemmed in” by Aspis. However,
- The actions of certain Board members and shareholders led the company to its delisting from the CSE.
- The have hemmed in the small shareholders since January 2000.
- They control they company, buying a large stake at the price of £2.10, without being interested in the small shareholders.
- They recommend the rejection of the Public Offer of Aspis, without offering even one cent.
- They mislead the shareholders, since their payment in cash by Aspis will be immediate.
As for the proper procedures, Aspis Group’s procedures are transparent via SFS Securities (Sharelink) in order to serve all the shareholders and to pay immediately the shareholders of Universal Life.
It is ironic that the Board of Directors of UL expresses its interest in the small shareholders now, despite the fact that in the past 7 years they paid no dividend. Following the acquisition of the shares that he needed in order to control Universal Life, Mr. Georgiou didn’t’ offer anything to the small shareholders.
The Board of Directors of UL is irresponsible towards its shareholders and does not recommend any alternative solution.
In the past 7 years, Aspis Group has proceeded to the following actions:
1999: Opening of Aspis Pronoia branch in Sweden.
1999: Acquisition of GOTHAER HELLAS, NORDSTERN COLONIA HELLAS, NORDSTERN COLONIA HELLAS LIFE and COMMERCIAL UNION HELLAS LIFE.
2000: Acquisition of SCOPLIFE, member of Scottish Provident Group
2001: Acquisition of D. ATHENEOS S.A. and UNITED S.A.
2002: Acquisition of ABN AMRO Retail Banking Network and ANZ GRINDLAYS BANK plc Network in Greece. Establishment of COMMERCIAL VALUE Insurance Company.
2003: Conversion of branch in Sweden into an independent company of limited liability, ASPIS LIV FORSAKRINGS AB.
2004: Establishment of ASPIS REAL ESTATE and ASPIS INTERNATIONAL MUTUAL FUNDS
2006: Acquisition of 5%+ of the share capital of MFS Holdings Plc.
2007: Acquisition of 35.012%* of the share capital of insurance company Universal Life Insurance Public Co. Ltd and submission of Public Offer to the shareholders of Universal Life.
2007: Acquisition of 51%* of the share capital of insurance company Interalbanian Sh.a. based in Albania, in order to expand its activities in Kosovo, Montenegro and Serbia.
* The registration of the shareholders is subject to the approval of the competent authorities.
1. The Board of Directors of UL says that Aspis “has not proved that it can contribute to the progress and growth of the UL activities. However,
- Aspis is member of Aspis Group, which is actively involved in the insurance sector in the past 63 years
- With assets of more than €3,000,000,000
- With four companies listed in the ASE and the CSE
- With net capital of more than €500,000,000
- With higher growth rate than the market’s
The Board of Directors of UL will be informed on the abilities of Aspis Group, examining its development in the past few years. We quote the most significant actions of the past few years.
2. The Board of Directors of UL misleads the investors and supports that “they will be hemmed in” by Aspis. However,
- The actions of certain Board members and shareholders led the company to its delisting from the CSE.
- The have hemmed in the small shareholders since January 2000.
- They control they company, buying a large stake at the price of £2.10, without being interested in the small shareholders.
- They recommend the rejection of the Public Offer of Aspis, without offering even one cent.
- They mislead the shareholders, since their payment in cash by Aspis will be immediate.
As for the proper procedures, Aspis Group’s procedures are transparent via SFS Securities (Sharelink) in order to serve all the shareholders and to pay immediately the shareholders of Universal Life.
It is ironic that the Board of Directors of UL expresses its interest in the small shareholders now, despite the fact that in the past 7 years they paid no dividend. Following the acquisition of the shares that he needed in order to control Universal Life, Mr. Georgiou didn’t’ offer anything to the small shareholders.
The Board of Directors of UL is irresponsible towards its shareholders and does not recommend any alternative solution.
In the past 7 years, Aspis Group has proceeded to the following actions:
1999: Opening of Aspis Pronoia branch in Sweden.
1999: Acquisition of GOTHAER HELLAS, NORDSTERN COLONIA HELLAS, NORDSTERN COLONIA HELLAS LIFE and COMMERCIAL UNION HELLAS LIFE.
2000: Acquisition of SCOPLIFE, member of Scottish Provident Group
2001: Acquisition of D. ATHENEOS S.A. and UNITED S.A.
2002: Acquisition of ABN AMRO Retail Banking Network and ANZ GRINDLAYS BANK plc Network in Greece. Establishment of COMMERCIAL VALUE Insurance Company.
2003: Conversion of branch in Sweden into an independent company of limited liability, ASPIS LIV FORSAKRINGS AB.
2004: Establishment of ASPIS REAL ESTATE and ASPIS INTERNATIONAL MUTUAL FUNDS
2006: Acquisition of 5%+ of the share capital of MFS Holdings Plc.
2007: Acquisition of 35.012%* of the share capital of insurance company Universal Life Insurance Public Co. Ltd and submission of Public Offer to the shareholders of Universal Life.
2007: Acquisition of 51%* of the share capital of insurance company Interalbanian Sh.a. based in Albania, in order to expand its activities in Kosovo, Montenegro and Serbia.
* The registration of the shareholders is subject to the approval of the competent authorities.
