Kin Group Regulatory News (KIN)

13 Feb 2008 18:28

Kiln Ltd13 February 2008 Kiln Ltd Proposed acquisition of Kiln Ltd by Tokio Marine & Nichido Fire Insurance Co.,Ltd: Results of SGM and further update on Conditions With respect to the recommended cash acquisition of Kiln Ltd by Tokio Marine &Nichido Fire Insurance Co., Ltd, to be effected by means of an amalgamationunder the Bermuda Companies Act, Kiln is pleased to confirm that shareholdersduly passed the resolution seeking shareholders' approval of the AmalgamationAgreement at the special general meeting of the Company convened today. The results of the proxy voting on the resolution were as follows: For Against Withheld To approve the Amalgamation Agreement (99.77%) (0.003%) (0.227%) By way of further update for Kiln shareholders, significant progress has beenmade towards satisfaction of the conditions applicable to the acquisition and,in particular, regulatory approvals or consents have now been received fromLloyd's, the UK Financial Services Authority and the Bermuda Monetary Authority. The acquisition remains subject to the satisfaction or waiver of certain of theconditions set out in the circular sent to shareholders on 11 January 2008,including the approval of the Financial Services Agency of Japan and the receiptof antitrust clearance by the South African Competition Commission. As a consequence of the acquisition, Kiln now believes that its timetable forthe production of its preliminary results for the year ended 31 December 2007will be delayed and does not expect to be able to announce these results on thescheduled release date of 6 March 2008. A copy of the circular to shareholders containing the resolution passed attoday's Special General Meeting is available to view on Kiln Ltd's website:www.kilngroup.com and has also been submitted to the FSA for publication throughthe document viewing facility at: The Financial Services Authority, 25 The NorthColonnade, Canary Wharf, London E14 5HS; tel: 02070661000. 13 February 2008 Enquiries: Kiln Ltd 020 7886 9000Keith Grant, Group Company Secretary and ComplianceOfficer Kate Rogers, Head of Corporate CommunicationsCollege Hill 020 7457 2020Tony FriendRoddy Watt This information is provided by RNS The company news service from the London Stock Exchange