AGEAS SA/NV Today the Brussels Commercial Court ruled that Fortis' prospectus relating to its 2007 capital increase was correct and complete.
In September 2012, Patripart NV, a former Fortis shareholder, and its parent company Patrinvest SCA, brought an action for damages before the Brussels Commercial Court based on alleged incomplete and/or misleading information in Fortis' prospectus relating to the September 2007 capital increase.
Today the court ruled that the prospectus gave a correct view of the state of affairs and risks relating to Fortis in particular with regard to the acquisition of ABN Amro, the subprime portfolio, and its solvency and liquidity.
This decision of the court is in line with the position taken in 2014 by the Dutch Trade and Industry Appeals Tribunal (College van Beroep voor het Bedrijfsleven) that annulled fines imposed by the Dutch market authority AFM [1] relating to the same period.
Ageas is an international insurance group with a heritage spanning 190 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, the Philippines and Vietnam and has subsidiaries in France, Portugal, Hong Kong and the UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading Non-Life player through AG Insurance. In the UK, Ageas occupies the number 3 position in cars insured and has a strong presence in the over 50's market. Ageas employs more than 13,000 people in the consolidated entities and over 30,000 in the non-consolidated partnerships, and has reported annual inflows close to EUR 26 billion in 2014.
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
