Sampo plc’s potential interest in Hasting...
SAMPO PLC INSIDE INFORMATION 29 July 2020 at 6:05 pm
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”) AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE
Sampo plc’s potential interest in Hastings Group Holdings
Plc
Sampo plc notes the recent announcement released today by British insurer Hastings Group Holdings Plc (“Hastings”). Sampo and Rand Merchant Investment Holdings Limited (RMI) confirm that they are in discussions with Hastings regarding a possible cash offer to acquire the issued and to be issued share capital of Hastings not already owned or controlled by Sampo and RMI. There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made.
Sampo continuously considers various strategic options to accelerate its growth and diversify its earnings profile. Sampo has a strategic ambition to further expand into non-life insurance, a segment where it has extensive experience and expertise. As part of this strategy and considering Sampo’s already strong market positions in the Nordic markets, Sampo has been considering a geographic expansion beyond its current footprint. Sampo believes that a potential acquisition of Hastings may represent an attractive opportunity in the non-life insurance market to accelerate this strategy.
Hastings is a British non-life insurance company with a focus in motor insurance. The company is listed on the London Stock Exchange and its market capitalization is approximately 1.1 billion British pounds or 1.2 billion euros. Hastings serves approximately 2.85 million customers and employs approximately 3,300 employees. In 2019, the company’s gross written premiums amounted to 962 million pounds or 1 billion euros.
RMI Group has been a 29.7 per cent shareholder in Hastings since 2017. RMI is a South African financial services investment holding company, founded in 1977 and listed on the Johannesburg Stock Exchange.
In accordance with Rule 2.6(a) of the Code, Sampo and RMI have until 5.00 pm London time (7.00 pm Finnish time) on 26 August 2020, being 28 days after 29 July 2020, to either announce a firm intention to make an offer for Hastings in accordance with Rule 2.7 of the Code or announce that they do not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
SAMPO PLC
Investor Relations and Group Communications
Further information:
Ricard Wennerklint
Chief of Strategy
Tel: +46 8 792 8022
Jarmo Salonen
Head of Investor Relations and Group Communications
Tel: +358 10 516 0030
Maria Silander
Communications Manager, Media Relations
Tel: +358 10 516 0031
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
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