Pro Global Insurance Solutions plc (the "Company")
Sale completion and directorate changes
On 22 December 2016, the Company announced the sale of its outsourcing and consulting businesses, subject to shareholder, regulatory, and other approvals (the "Announcement").
The Company is pleased to announce that the sale has now completed. As stated in the Announcement, the cash consideration of the sale is £8.3m subject to adjustment for movement in working capital based on the balance sheet as at 30 September 2016. The adjustment has been calculated and the final cash consideration is £6,963,126.36.
As described in the circular sent to the Company's shareholders dated 20 January 2017, the Company announces the following board changes:
Mr Artur Niemczewski and Mr Andrew Donnelly, respectively the Company's Chief Executive and Finance Director, have resigned from the board of the Company, effective today. Mike Dalzell has resigned from his role as company secretary.
Stephen Baxter (age 54) has been appointed to the board of the Company as Chief Finance Officer and Marvin Mohn (age 52) has been appointed to the board of the Company as Director. Gilles Erulin, non-executive director of the Company, will become chief executive of the Company. Martha Bruce has been appointed as company secretary. Tim Carroll will continue as chairman and Loic Brivezac will continue to be a director.
Going forward, the Company's only business will be its 30% investment in Asta Capital Ltd which owns a number of companies including Asta Managing Agency Limited, the leading third party managing agent at Lloyd's.
Tim Carroll, Chairman
020 7068 8123
Peel Hunt LLP (nominated adviser and broker)
020 7418 8900
The following details in relation to the appointment of Stephen Baxter are disclosed in accordance with Schedule 2(g) of the AIM Rules:
Amberley Alternative Assets Limited
The Brighton Beele Train Limited
The following details in relation to the appointment of Marvin Mohn are disclosed in accordance with Schedule 2(g) of the AIM Rules:
Tawa Management Ltd
CX Reinsurance Company Ltd
WT Holdings Inc
Island Capital Limited
ICL Holdings Incorporated
Pro Insurance Solutions Limited
Pocono Holdings Limited
Tawa Management (Bermuda) Ltd
Asta Managing Agency Limited
Asta Capital Limited
Walshire Assurance Company
Tawa Consulting Ltd
KX Re Holdings Ltd
PXRE Reinsurance Company
Pro IS, Inc
Past directorships where company was placed into liquidation as part of a solvent winding up under normal course of business within twelve months of Marvin Mohn being a director:
Island Capital (Europe) Limited
KX Re Holdings Limited
QX Reinsurance Company
Past directorships where company was placed into an insolvent liquidation proceeding within twelve months of Marvin Mohn being a director:
Lincoln General Insurance Company