Business Wire

Elliott Statement on Sampo

Share

Elliott Advisors (UK) Limited (“Elliott” or “we”), which advises funds that as at the date of this release collectively hold investments equivalent to more than 3% of the share capital of Sampo Oyj (“Sampo” or the “Company”), welcomes Sampo’s decision to begin the disposal of its investment in Nordea Bank Abp (“Nordea”). Elliott believes this announcement will help to highlight the value of Sampo’s insurance assets, particularly IF P&C, and marks a positive first step towards Sampo making the rapid structural simplifications necessary to re-establish its reputation among shareholders. Elliott believes that a value-creation plan that transforms Sampo into a pure-play insurance company would provide much needed focus and strategic clarity for Sampo, while unlocking in excess of EUR 7 billion in value for shareholders.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201110006320/en/

Elliott’s investment in Sampo reflects our conviction in the intrinsic value of IF P&C, which represents the majority of Sampo’s value. In our view, Sampo’s management team has built the best underwriter in the most attractive P&C insurance market in Europe, a remarkable achievement that reflects the track record of Sampo’s current CEO and CFO, both of whom led IF P&C for the past two decades. As a result of its sustainable competitive advantages, IF P&C stands head and shoulders above its insurance peers in terms of COR outperformance and stability, along with attractive growth opportunities, all of which have enabled the company to generate stable, growing dividends. In addition to IF P&C, Sampo’s portfolio of insurance companies includes stakes in Topdanmark AS, Mandatum Life Insurance Co Ltd and the recently announced acquisition of Hastings Group Holdings plc. Outside of insurance, Sampo owns minority stakes in several private equity investments and a significant stake in Nordea, which has materially outperformed the broader banking market over the past decade.

However, Sampo’s structural complexity and a lack of clarity in its longer-term strategic narrative have contributed to a profound and persistent disconnect between the Company’s intrinsic strengths and its market valuation over the past two years. This significant share price underperformance has not been operationally driven, but rather the result of growing divergence between the performance of the wider insurance and banking sectors. Sampo’s share price has suffered due to the weak share price performance of Nordea, which has damaged sentiment in Sampo and has caused a substantial de-rating of Sampo’s insurance assets, which have seen their P/E multiple vs. peers reduce by ~8x since 2017.

Elliott believes that reconstructing Sampo’s equity story now, through full-scale structural simplification, is necessary to allow the market to appropriately value the Company’s industry-leading insurance assets. This pathway would entail the full separation of Sampo’s investment in Nordea and divestment of Sampo’s various private equity investments. A more coherent corporate structure would allow Sampo’s talented management team to provide more focused stewardship of its different assets and alleviate investor uncertainty surrounding Sampo’s strategy. Elliott believes these sensible measures could create in excess of EUR 7 billion of value, thereby restoring market confidence and reinforcing management’s reputation for delivering value-creating outcomes. In Elliott’s view, yesterday’s announcement is a first step on the path to creating more than 35% upside for Sampo shareholders, underscoring the importance of executing these actions expeditiously.

We look forward to Sampo’s continued transformation and to its February 2021 Capital Markets Day. To provide further details on how Sampo can build upon yesterday’s announcement, Elliott is enclosing a presentation with this press release.

About Elliott

Elliott Management Corporation manages approximately $41 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

Disclaimer

Elliott intends to reviews its investments in the company on a continuing basis and depending upon various factors, including without limitation, the company’s financial position and strategic direction, the outcome of any discussions with the company, overall market conditions, other investment opportunities available to Elliott Management, and the availability of company securities at prices that would make the purchase or sale of company securities desirable, Elliott may from time to time (in the open market or in private transactions, including since the inception of Elliott position) buy, sell, cover, hedge or otherwise change the form or substance of any of its investments (including company securities) to any degree in any manner permitted by law and expressly disclaims any obligation to notify others of any such changes. Elliott also reserves the right to take any actions with respect to its investments in the company as it may deem appropriate.

Contact information

London
Sarah Rajani CFA
Elliott Advisors (UK) Limited
T: +44 (0)20 3009 1475
srajani@elliottadvisors.co.uk

Finland
Mikael Jungner
Kreab
T: +35 850 554 1615
mikael.jungner@kreab.com

Sweden
Christina Rinman
Diplomat Communications
M: +46 709 711 213
christina.rinman@diplomatcom.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Data from the APOLLO Study Show Clinically Meaningful Response with DARZALEX ® ▼ (daratumumab) Subcutaneous Formulation Regimen After First or Subsequent Relapse in Multiple Myeloma4.12.2020 20:52:00 CETPress release

The Janssen Pharmaceutical Companies of Johnson & Johnson announced results of the Phase 3 APOLLO study showing that the addition of DARZALEX®▼ (daratumumab) subcutaneous (SC) formulation to pomalidomide and dexamethasone (D-Pd) significantly reduced the risk of progression or death by 37 percent, compared to Pd alone in patients with multiple myeloma (MM) after the first or subsequent relapse of disease.1 The APOLLO results, which will be presented on Sunday, December 6 at 9:00 p.m. CET during the American Society of Hematology (ASH) 2020 Annual Meeting and featured in the ASH press briefing (Abstract #112), add to the body of evidence supporting treatment with daratumumab SC-based regimens for patients with relapsed MM. These data were the basis for recent regulatory submissions in Europe and the United States (U.S.) seeking approval for daratumumab SC in combination with Pd for the treatment of patients with relapsed or refractory MM, with two or more prior lines of therapy, includi

Citi Private Bank Issues Outlook 2021: The New Economic Cycle: Investing for a Post-COVID World4.12.2020 17:36:00 CETPress release

Citi Private Bank has released its Outlook 2021: The New Economic Cycle: Investing for a Post-COVID World. The twice-yearly publication provides in-depth insights into the global economy and financial markets for the coming year and highlights multi-year “unstoppable trends” for client portfolios. This edition outlines why this is a remarkable time to be an investor. Just as the pandemic changed the price of every security when it arrived, the departure of COVID will mark the beginning of a new economic cycle, creating new opportunities for investors. Citi Private Bank expects 2021 will benefit from an economy that demonstrated resilience in the face of the worst global healthcare crisis in more than a century. 2020 was an opportunity for the world to “test drive the future” and make way for growth as the pandemic ebbs. The tailwinds for 2021 are underappreciated: our financial system is strong, government actions to protect individuals and businesses have been effective, technological

Takashi Nagao Appointed President and Chief Executive Officer of Medicago4.12.2020 17:00:00 CETPress release

Medicago, a biopharmaceutical company headquartered in Quebec City, Canada, today announced Takashi Nagao as the company’s new President and Chief Executive Officer. Prior to becoming President and CEO, Mr. Nagao served as the Chairman of the Board of Medicago, where for the last four years, he has guided Medicago executives to get the company to where it is today. Medicago, a research and development company for the last 20 years, is embarking on a transformative year, one that will see the company build on its R&D roots to become a company that also produces and commercializes vaccines and other immunotherapies. Mr. Nagao has extensive experience leading pharmaceutical companies through the pre-commercial and commercial process and is well positioned to ensure the successful launch of Medicago’s COVID-19 and influenza vaccines, subject to regulatory approvals. Mr. Nagao will continue Medicago’s evolution towards its goal of being a fully operational commercial entity, able to respond

WorldRemit Leads the Way Offering a USD Payout Option in Nigeria4.12.2020 16:46:00 CETPress release

WorldRemit, a leading digital cross-border payments business has announced that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up providers. Following the announcement of the Central Bank of Nigeria (CBN) a day before, WorldRemit quickly adapted to the new requirements making it the first digital service to offer its customers worldwide the option of cash pickup in USD in Nigeria. WorldRemit enables Nigerians in over 50 countries around the world to support their family and friends in Nigeria. The decision by the Central Bank of Nigeria (CBN) to allow international money transfers to be paid in foreign currency, is aimed at providing increased liquidity in the foreign exchange market. The bank explained that the new regulation is part of its efforts to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria. Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said:“ We are

PPC Upgraded to ‘B’ with ‘Stable’ Outlook by S&P4.12.2020 15:16:00 CETPress release

In its annual research update released on 27 November 2020, S&P upgraded PPC’s stand-alone credit profile (SACP) upward by two notches to ‘B’ from ‘CCC+’, resulting in an overall upgrade of the long-term credit rating of PPC to ‘B’ from ‘B-‘. According to S&P the two notch upgrade in PPC’s standalone corporate rating confirms that the Company’s strategic repositioning and the improved Greek energy market fundamentals have transformed its competitive position, reducing past concerns over its liquidity and long-term sustainability. The ‘Stable’ outlook underscores S&P’s expectation that PPC will continue to deliver on its transformation plan, with solid liquidity and improved margins. PPC’s strategic plan to convert its generation mix toward lower carbon dioxide (CO2) emissions improve its fleet competitiveness and long-term prospects. As mentioned in their report, S&P expects a substantial increase in EBITDA and improvement in credit metrics on the back of higher profitability as PPC ac

Chengdu Launches Online Exhibition of History and Culture to Enhance Cultural Ties With European Countries4.12.2020 13:17:00 CETPress release

The launching ceremony of Chengdu History and Culture Overseas Virtual Exhibition was held by the Chengdu Chronicles Compilation Committee at Chengdu Chronicles Office on 24 November. The event, along with the unveiling ceremony of Chengdu Chronicles Culture Overseas (Europe) Exchange Cooperation, were witnessed by distinguished guests in many European countries including the Netherlands, Germany and Belgium through video and online connections. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201204005278/en/ On November 24, Gao Zhigang (center), Director of Chengdu Chronicles Compilation Committee at Chengdu Chronicles Office, and other guests attend the launching ceremony of Chengdu History and Culture Overseas Virtual Exhibition. (Photo: Business Wire) Chengdu History and Culture Overseas Virtual Exhibition will also be launched at major foreign media platforms for audiences all over the world. Gao ZhiGang, Director of Che

New Phase 3 Data Show TAK-620 (maribavir), an Investigational Drug for the Treatment of Transplant Recipients with Refractory/Resistant Cytomegalovirus (CMV) Infections, Meets Primary Endpoint4.12.2020 12:00:00 CETPress release

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced top-line results from the Phase 3 clinical trial evaluating the efficacy and safety of the investigational drug TAK-620 (maribavir), in the treatment of transplant recipients with refractory/resistant cytomegalovirus (CMV) infection. The TAK-620-303 (SOLSTICE) trial (NCT02931539) is a multicenter, randomized, open-label, active-controlled trial comparing eight weeks of treatment with either maribavir or investigator assigned treatment (IAT) in transplant recipients with CMV infection refractory or resistant to existing antiviral treatments (i.e., one or a combination of ganciclovir, valganciclovir, foscarnet or cidofovir). The SOLSTICE trial met its primary endpoint, defined as the proportion of patients who achieved confirmed CMV viremia clearance compared to IAT at the end of Study week 8. In addition, the SOLSTICE trial met its key secondary endpoint, defined as achievement of CMV viremia clearance