BRIEF-Trustco Announces Proposed Acquisition Of The Banking Segment By The Insurance Segment

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BRIEF-Trustco Announces Proposed Acquisition Of The Banking Segment By The Insurance Segment
Credit: © Reuters.

Oct 28 (Reuters) - Trustco Group Holdings Ltd TUC.NM :

* SMALL RELATED PARTY TRANSACTION - PROPOSED ACQUISITION OF THE BANKING SEGMENT BY THE INSURANCE SEGMENT

* WILL FOLLOWING IMPLEMENTATION OF ACQUISITION, OPERATE ONLY IN TWO SEGMENTS - RESOURCES AND FINANCIAL SERVICES

* BUSINESSES BEING BOUGHT BY LEGAL SHIELD HOLDINGS VALUED BY LSH AT NAD1.8 BILLION, TO BE SETTLED BY ISSUING 21 LEGAL SHIELD SHARES TO TRUSTCO

* CO WILL, AFTER DEAL, OWN 101 OF 121 SHARES IN ISSUE IN LSH, INCREASE SHAREHOLDING IN LSH TO 83.4%

* RESTRUCTURING IS TO SIMPLIFY STRUCTURE BY CONSOLIDATING ALL ENTITIES INVOLVED IN FINANCIAL SERVICES VALUE CHAIN INTO ONE SEGMENT

* VALUED ENLARGED LSH INCLUDING BUSINESSES BOUGHT TO BE NAD 10.4 BILLION RESULTING IN CONSIDERATION BEING RECEIVED BY CO TO BE NAD298.5 MILLION

* BOARD OF LSH IS CURRENTLY CONTEMPLATING A SEPARATE LISTING FOR FINANCIAL SERVICES SEGMENT

* TRANSACTION IS NOT EXPECTED TO RESULT IN ANY MATERIAL GAINS OR LOSSES IN CONSOLIDATED FINANCIAL RESULTS

* TO FACILITATE RESTRUCTURING TRANSACTION, INSURANCE SEGMENT THROUGH LSH TO BUY ALL COS IN BANKING SEGMENT, CO'S EDUCATION BUSINESSES

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