Compre Announces Financial Restructuring

The owners of Compre Holdings Limited are pleased to announce a restructuring which they believe will let the group take advantage of investment opportunities. The shares in the holding company have been sold to new specially-created holding company, Oval (2230) Limited (“Oval”), to facilitate the restructuring. The restructuring is subject to the approval of the relevant insurance regulators. Under the terms of transaction the current Chairman, Mikko Sinko, will reduce his shareholding and become a non-executive director; Nick Steer will become the main individual shareholder and CEO; and one of the current owners, Ken Davies, will relinquish his entire shareholding to Oval. The majority shareholding in Oval will be owned by Milestone Capital Partners (“Milestone”) and two new executive directors – Will Bridger, formerly a partner in Ernst & Young, and Rhydian Williams, an independent consultant formerly a senior manager in Equitas. Milestone has committed to provide appropriate funding to finance the new management team’s plans for growth.

Read the full press release here