Parallel with the transfer of the share, Telekom Slovenije, changed the company name from Antenna TV SL to Planet TV.
After complying with the decision of the Court of Arbitration of the International Chamber of Commerce (ICC) in the arbitration procedure between Telekom Slovenije and Antenna Slovenia of 31 October 2019, the transfer of 34% share in Antenna TV SL, owned by Antenna Slovenia, to Telekom Slovenije, was entered into the Slovenian Business Register. With this Telekom Slovenije became the sole owner of Antenna TV SL.
Parallel with the transfer of the share, Telekom Slovenije, changed the company name from Antenna TV SL to Planet TV.
As a reminder, in early November, Telekom Slovenije published an announcement on the Ljubljana Stock Exchange stating that the company received a decision of the Court of Arbitration of the ICC in the arbitration procedure between Telekom Slovenije and Antenna Slovenia B.V. The procedure was launched to determine the purchase fee amount in exercising the put option by Antenna Slovenia B.V. for the sale of a 34% share in Antenna TV SL, to Telekom Slovenije.
The Court of Arbitration has ruled that Antenna Slovenia B.V. exercised its put option correctly and has imposed on Telekom Slovenije to pay EUR 17.59m with default interest and costs of the arbitration procedure for the 34% share in Antenna TV SL.
The company’s profit target for 2019 accounts for one loss for a CAT event of EUR 5m. Assuming there are no further claim events of a similar magnitude, the Group states that they can still achieve their profit target for 2019.
Sava Re published a document regarding the estimated claims burden from a Typhoon in Japan.
As a reminder, in October of this year, Japan was hit by Typhoon Hagibis, one of the worst storms in the region in decades. The company notes that according to latest estimates, the claims payable by Sava Re under its reinsurance treaties will exceed EUR 5m.
The company’s profit target for 2019 accounts for one loss for a CAT event of EUR 5m. Assuming there are no further claim events of a similar magnitude, the Group states that they can still achieve their profit target for 2019.
For FY 2019, the main targets of Sava Re are:
- an increase of 4.5% in operating revenues
- gross written premiums above EUR 555m
- net premiums earned above EUR 515m
- a net profit of at least EUR 43m; > 10% growth based on 2018 estimate