The High Court of Justice in England and Wales has now sanctioned the scheme of arrangement pursuant to which the sale of London-headquartered RSA Insurance Group Plc is being implemented.
In an update, RSA said the effective date is likely to be on June 01, which is when a copy of the court order is expected to be delivered to the Registrar of Companies.
The insurance group noted: “Applications have been made for the suspension of trading in RSA shares on the London Stock Exchange’s main market for listed securities and the listing of RSA shares on the premium listing segment of the Official List of the Financial Conduct Authority, and such suspensions are expected to take effect from 8am on June 01, 2021.
“The last day of dealings in, and for the registration and transfer of, RSA shares will be May 28, 2021. The de-listing of RSA shares from the premium listing segment of the Official List of the Financial Conduct Authority and the cancellation of the admission to trading of RSA shares on the London Stock Exchange’s main market for listed securities have also been applied for and will, subject to the scheme becoming effective, take effect at 8am on June 02.”
Meanwhile, in a separate announcement, global index provider FTSE Russell said RSA will be deleted from the FTSE 100 Index as a result of the takeover.
“Royal Mail will be added to the FTSE 100 Index and deleted from the FTSE 250 Index,” added FTSE Russell. “Tyman will be added to the FTSE 250 Index and deleted from the FTSE SmallCap Index. All changes are effective from May 28, 2021.”
The transaction will see RSA’s Canadian, UK, and international operations come under the umbrella of Intact Financial Corporation, while the insurer’s units in Sweden and Norway will be owned by co-buyer Tryg A/S. Ownership of the group’s Danish business, meanwhile, will be evenly split between Tryg and Intact.