(March 8 – 16:00 ET) – Equisure Financial Network Inc. has announced that it has appointed a special committee of the board of directors to to seek out, identify, analyze and recommend to the board as a whole, potential parties who wish to make a takeover offer for the shares of the corporation. The committee will also consider asset sales and other transactions consistent with its mandate of maximizing shareholder value.
The committee will consist of David Williams, Gil Souliere and Hub Mockler. George Hutchison, Chairman and Chief Executive Officer of Equisure says, “In the opinion of the board the current price of Equisure’s stock does not reflect its intrinsic value. In the fall of 1996 Equisure’s shares traded as high as $10.80. Since that time Equisure’s annualized revenue has increased from approximately $14 million in 1996 to approximately $83 million in 1999 and its annualized premium volume has increased from $120 million to approximately $400 million during the same period”.
“The recent offer by Allianz of Canada, Inc. to acquire the shares of Canada Brokerlink Inc. is evidence of the recognition of the true value of insurance consolidators and the opportunities that exist to deliver services to their huge client base,” says Hutchinson. “Equisure has from time to time received enquiries from interested parties concerning a possible acquisition. The appointment of the special committee will enable the corporation to work with these and other interested parties in an organized fashion to solicit the best offer for the shares of the corporation”.
-IE Staff