Viking Line - Company Announcement

Viking Line Abp: De-mutualisation and merger within the Alandia Insurance Group

Mariehamn, 2014-06-12 08:00 CEST (GLOBE NEWSWIRE) -- 

Viking Line Abp                    STOCK EXCHANGE RELEASE                    
June 12, 2014, 09.00 

De-mutualisation and merger within the Alandia Insurance Group

With reference to our stock exchange release of February 25, 2014, please be
advised that yesterday on June 11, 2014, the first annual general meeting of
Redarnas Ömsesidiga Försäkringsbolag (Finnish business identity code
0145065-2), ”RÖF” − an Åland-based shipowners' mutual insurance company and
parent company of the Alandia Insurance Group − approved the de-mutualisation
and merger plan whose purpose is to reorganise RÖF into a limited liability
insurance company and to merge RÖF with its wholly owned insurance subsidiary
Försäkringsaktiebolaget Alandia (0205048-2), ”Alandia”, with RÖF as the
acquiring company and Alandia as the acquired company. 

The purpose of the proposed changes includes: Clarifying ownership conditions
and assets​​, simplifying administration as well as strengthening the company
and the development potential that the merged, financially very solid company
will have. 

Implementation of the plan requires additional consent from the Finnish
Financial Supervisory Authority in compliance with the Insurance Companies Act,
Chapter 19, Section 5 and Chapter 22, Section 4 plus the approval of a second
general meeting of the co-owners of RÖF. According to plans, the process will
be carried out in such a way that both the change in the legal form of RÖF and
the merger are registered on December 31, 2014. 

After implementation of the de-mutualisation and merger, the shares in the new
limited liability insurance company will be allocated proportionally on the
basis of premiums paid during the years 2011 - 2013 by those companies that, on
the merger date, have had an uninterrupted co-owner relationship with RÖF that
has lasted at least one year. According to preliminary calculations, Viking
Line Abp's ownership share in the merged company will amount to slightly more
than 20 per cent. 

Approximate timetable for continued execution of the plan:

July 14, 2014                         Approval by the second general meeting of
RÖF 
September 1, 2014               Consent from the Financial Supervisory Authority
December 31, 2014              Registration in the Trade Register of the change
in legal form, 
                                              new articles of association and
merger. 

For further information on Alandia Insurance, please see www.alandia.com

Viking Line Abp



Jan Hanses
President and CEO


         CEO Jan Hanses, jan.hanses@vikingline.com , +358-(0)18-27000