Overview of PSC Insurance Group's update on scheme of arrangement

PSC Insurance Group Limited (ASX:PSI) has released its audited financial statements for the financial year ended 30 June 2024. The company refers to the proposed acquisition by Rosedale Bidco Pty Ltd (The Ardonagh Group) through a scheme of arrangement for $6.19 cash per PSC share, as first announced on 8 May 2024. The PSC Board has sought confirmation from FTI Consulting (Australia) Pty Ltd that the FY24 Full Year Results do not change the Independent Expert's previously stated opinion, and the Independent Expert has confirmed that the Scheme is 'in the best interests' of PSC shareholders as a whole.

Executive commentary on the independent expert's confirmation

FTI Consulting (Australia) Pty Ltd has confirmed that the Scheme is 'in the best interests' of PSC shareholders as a whole in the absence of a superior offer because the Cash Consideration component of the Scheme is 'fair' and 'reasonable' based on the review of the audited Financial Statements for 30 June 2024 of PSC.

Summary of PSC Insurance Group's update and outlook

PSC Insurance Group Limited has received confirmation from the Independent Expert that the Scheme is 'in the best interests' of PSC shareholders. The Directors continue to unanimously recommend PSC shareholders vote in favor of the Scheme, subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of PSC shareholders. The Scheme Meetings will be held on 26 September 2024, and all PSC Shareholders registered on PSC's share register at 7.00pm (AEST) on 24 September 2024 will be entitled to attend and vote at the applicable Scheme Meeting. Shareholders are encouraged to read PSC's FY24 Full Year Results before deciding on how to vote on the Scheme.