Sampo Shares Begin Trading on Two Exchanges

It will be interesting to see how the dual listing works out for Sampo, could be a smart move for some UK insurance brands to choose the dual exchange route, or spin off an insurtech subsidiary?

Sampo plc has finalised its dual listing process, enabling the trading in Sampo Swedish Depositary Receipts (SDRs) to begin on Nasdaq Stockholm today, 22 November 2022, under the short name (ticker) SAMPO SDB.

– Today marks an exciting new step on Sampo’s journey. We have delivered strong results for the first nine months of the year on the back of great momentum in our Nordic P&C insurance business, which benefits from our leading market position and operational capabilities. Combined with our robust balance sheet and commitment to enhancing capital efficiency, this enables us to generate attractive returns for shareholders. As a large and resilient insurance group, Sampo will be a unique asset on Nasdaq Stockholm, says Torbjörn Magnusson, Group CEO.

Sampo has appointed Skandinaviska Enskilda Banken AB (SEB) as issuer of the SDRs and custody bank for the SDR arrangement. During a period of 14 calendar days from and including the first day of trading in SDRs on Nasdaq Stockholm, the conversion fees charged by Euroclear Sweden and SEB as issuer of the SDRs for converting Sampo A shares to SDRs will be paid by Sampo. Any additional fees or costs charged by the shareholders’ own service providers will be borne by the shareholders.

The General Terms and Conditions for the SDRs and Sampo’s listing prospectus prepared in respect of the dual listing were published on 15 November 2022 and are available at www.sampo.com/duallisting.

The dual listing on Nasdaq Stockholm does not require any action from Sampo’s current shareholders, unless they would like to convert their Nasdaq Helsinki listed Sampo A shares to SDRs listed on Nasdaq Stockholm. Pursuant to Finnish law, Finnish legal and natural persons are not entitled to own SDRs.

The Nasdaq Stockholm dual listing does not have any impact on the total number of Sampo’s shares in issue and Sampo will not raise new capital or make any offering as part of the dual listing on Nasdaq Stockholm. ABG Sundal Collier and Nordea are acting as financial advisors and Hannes Snellman as legal advisor to Sampo in conjunction with the dual listing.

About alastair walker 10205 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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