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Steadfast welcomes Calliden shareholder approval
MARKET RELEASE 8 December 2014
Steadfast welcomes Calliden shareholder approval
Steadfast Group Limited (Steadfast) (ASX:SDF) welcomes the outcome of today’s Scheme1 Meeting whereby Calliden Group Limited (Calliden) (ASX:CIX) shareholders approved Steadfast’s proposal to acquire 100% of the ordinary shares in Calliden.
Upon implementation of the Scheme, Steadfast will immediately on-sell Calliden’s general insurance operations and part of the agency operations to Munich Holdings of Australasia (MHA), a subsidiary of Munich Re.
Managing Director & CEO of Steadfast, Robert Kelly, said “We are thrilled to reach this significant milestone in acquiring most of Calliden’s underwriting agencies. These agencies will complement our existing mix of specialised agencies and make Steadfast one of the largest agency groups in Australia with annual gross written premium of over $335 million2.”
Mr Kelly added “We are also very pleased to strengthen our strategic partnership with Munich Re, one of the world’s leading reinsurance companies, and its subsidiary Great Lakes Australia.”
The second court hearing to approve the shareholder vote will take place on 11 December 2014 and the implementation date is scheduled for 23 December 2014.
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