Ageas receives favourable judgment from the Brussels Court of Appeal in the MCS case
04 Februar 2019 - 8:15AM
On Friday, 1
February 2019, the Brussels Court of Appeal ruled in favour of
Ageas, dismissing all claims initiated by former Mandatory
Convertible Securities holders.
The Mandatory Convertible
Securities (MCS) were unsecured and subordinated convertible bonds
with a nominal amount of EUR 2 billion, issued on 7 December 2007
by the former Fortis Group*. In accordance with the terms of the
MCS, the bonds were converted into Fortis (now Ageas) shares on 7
December 2010.
The plaintiffs requested the
annulment of the conversion of the MCS into Ageas shares or,
alternatively, provisional compensatory damages and the appointment
of an expert to determine their exact damage.
On Friday 1 February 2019, the
Brussels Court of Appeal dismissed these claims, which means that
the conversion of the MCS into Ageas shares on 7 December 2010
remains unaffected and no compensation is due to the former MCS
holders.
Ageas welcomes this judgment as
another positive step forward in solving the legacy issues from the
past, allowing the company to focus on its insurance
activities.
*Consisting of the Fortis Bank
Nederland (Holding) N.V. (now ABN AMRO Bank N.V.), Fortis Bank
SA/NV (now BNP Paribas Fortis SA/NV), Fortis SA/NV and Fortis N.V.
(now ageas SA/NV)
Ageas is a
listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life
insurance products designed to suit their specific needs, today and
tomorrow. As one of Europe's larger insurance companies, Ageas
concentrates its activities in Europe and Asia, which together make
up the major part of the global insurance market. It operates
successful insurance businesses in Belgium, the UK, Luxembourg,
France, Portugal, Turkey, China, Malaysia, India, Thailand,
Vietnam, Laos, Cambodia, Singapore, and the Philippines through a
combination of wholly owned subsidiaries and long term partnerships
with strong financial institutions and key distributors. Ageas
ranks among the market leaders in the countries in which it
operates. It represents a staff force of over 50,000 people and
reported annual inflows close to EUR 34 billion in 2017 (all
figures at 100%).
Pdf version of the press
release
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Globenewswire
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