Tokio Marine acquisition of Lloyd's insurer to proceed
Kiln has confirmed that its shareholders, following at special general meeting yesterday, have duly passed the resolution approvuing the takeover of the company by Tokio Marine.
99.77% of voters approved the amalgamation agreement.
A stock exchange announcement read: "By way of further update for Kiln shareholders, significant progress has been made towards satisfaction of the conditions applicable to the acquisition and, in particular, regulatory approvals or consents have now been received from Lloyd’s, the UK Financial Services Authority and the Bermuda Monetary Authority."
"The acquisition remains subject to the satisfaction or waiver of certain of the conditions set out in the circular sent to shareholders on 11 January 2008, including the approval of the Financial Services Agency of Japan and the receipt of antitrust clearance by the South African Competition Commission."
Kiln added that the release of its results, scheduled for 6 March, would likely de delayed as a result of the impending acquisition.
