Insr Insurance Group ASA - Approval of the acquisition of 100% of the shares in Nemi Forsikring AS
Reference is made to the stock exchange release published by Insr Insurance Group ASA ("Insr" or the "Company") on 18 August 2017, where Insr announced that it had entered into a share purchase agreement for the acquisition of 100% of the shares in Nemi Forsikring AS from its sole owner Alpha Insurance A/S (the "Transaction"). Completion of the Transaction was amongst others conditional upon approval by the Norwegian Financial Supervisory Authority (the "NFSA").
The Transaction was approved by the NFSA on 27 November 2017. Pursuant to the approval, the financial group which is established when the Transaction is completed may for a period of up to six months include two separate companies which are engaged in the same type of business. This entails that Insr and Nemi Forsikring AS must be merged within six months after closing of the Transaction. All the conditions for closing of the Transaction, other than standard conditions to be fulfilled at closing, have now been fulfilled. Closing of the Transaction and the issuance of 12,857,142 consideration shares to Alpha Insurance A/S is expected to take place on or about 30 November 2017.
The conditions for closing of the NOK 400,400,000 private placement, which the Company announced had been successfully placed in a stock exchange release published on 29 August 2017, have also been fulfilled. The share capital increase related to the issuance of the 57,200,000 new shares in the private placement is expected to be registered in the Norwegian Register of Business Enterprises on or about 29 November 2017, and the new shares are expected to be delivered to the investors against payment of the subscription price on or about 30 November 2017 following approval of a prospectus by the NFSA.
For further information, contact:
Anne B. Knudtzon, SVP Business Controlling & Investor Relations
Insr Insurance Group ASA
Phone: +47 92 61 06 06
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.