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Gable Holdings Inc (GAH)

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Wednesday 01 June, 2016

Gable Holdings Inc

Update on Potential Related Party Transaction

RNS Number : 9406Z
Gable Holdings Inc
01 June 2016
 

1 June 2016

Gable Holdings Inc.

Update on potential related party transaction

 

Further to its announcement of 25 May 2016, Gable Holdings Inc. ("Gable" or the "Company") announces that, following further consideration, William Dewsall notified the Company that it would be inappropriate for Hogarth Underwriting Agencies Limited, as a regulated entity authorised by the Financial Conduct Authority, to provide the £10 million guarantee that the Board of Gable intends should form part of Gable's regulatory capital.

 

Accordingly, the Board of Gable notes that William Dewsall intends to use a separate private vehicle wholly owned by him to provide the guarantee to Gable Insurance AG, Gable's regulated insurance subsidiary ("GIAG").  The guarantee is intended to form part of Gable's regulatory capital and would be available to GIAG at any time but should only be called by GIAG in the event it experiences a significant and unexpected decline in its current financial position. 

 

At this stage, the Company is still working to finalise the structure and terms of the guarantee and the agreement remains subject inter alia to the formal approval of the FMA in Liechtenstein and, as a related party transaction, the recommendation of the independent directors that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. 

 

A further announcement will be made in due course.

 

 

Enquiries:

Gable Holdings Inc.

William Dewsall, Chief Executive

Michael Hirschfield, Group Finance Director

John Bick, Investor Relations

 

Tel: +44(0) 20 7337 7460

Zeus Capital Limited

Nicholas How, Corporate Finance

Adam Pollock, Corporate Broking

Tel: +44(0) 20 3829 5000

Haggie Partners LLP

Peter Rigby

Tel : +44(0) 20 7562 4444

 

About Gable Holdings Inc.

 

Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in the UK, Denmark, France, Germany, Italy, Norway, Spain and Sweden. Gable benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU, which is delivered through the EU passporting mechanism.  Gable Holdings Inc is quoted on the London Stock Exchange's AIM market.   For further information please visit www.gableholdings.com.  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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