Flagstone seeks to acquire Alliance Re

Alliance International Reinsurance Public Company Ltd (ALL.CY) announced that Flagstone Reassurance Suisse SA has announced its decision to submit a Public Offer for the acquisition of up to 100% of ALL’s issued share capital at EUR0.48/share in cash. Flagstone Reassurance Suisse SA currently holds 20,475,828 ALL shares translating to 29.96% stake in the subject Company. The Public Offer will be successful if Flagstone acquires more than 50% of ALL issued share capital. The Chairman and CEO of Alliance RE, Khader Hemsi who holds 15.93% stake in ALL and his related parties (4.06% stake) have committed to accept the Public Offer. Andreas Aloneftis, Executive Vice President of Alliance RE and Infeon Investments Ltd (associate Company of Andreas Aloneftis) who hold total of 6.52% stake in ALL have also committed to accept the Public Offer. The Public Offer is subject to approval by the Commission for the Protection of Competition in Cyprus and other competent authorities in Cyprus and Switzerland.
Meanwhile Alliance International Reinsurance Pcl released its 1H08 financial results, posting a loss of EUR 582k vs. a net profit of EUR 13.3m in 1H07, which a year ago were positively affected by revaluation of the value of the land held for investment amounting to EUR 13.8mln.