SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report: December 29, 1998
(Date of earliest event reported)
NORTH EAST INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
Maine 0-11184 01-0278387
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
482 Payne Road, Scarborough, Maine 04074
(Address of principal executive offices) (Zip code)
Registrant's telephone number: (207) 883-2232
Item 5. Other Events.
On December 29, 1998 the Registrant announced a further extension of its
rights offering. A copy of the Registrant's press release announcing the
extension is filed as an exhibit to this report.
Item 6. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release dated December 29, 1998 of
Registrant, announcing further extension
of rights offering
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
NORTH EAST INSURANCE COMPANY
Date: December 29, 1998 By: /s/ Robert G. Schatz
President and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- --------------------------------------------
99.1 Press release dated December 29, 1998 of
Registrant, announcing further extension
of rights offering
EXHIBIT 99.1
NORTH EAST INSURANCE COMPANY
P.O. Box 1418
Scarborough, Maine 04070-1418
Tel - 207/883-2232 Fax - 207/883-1564 www.neins.com
For Immediate Release
Contact: Robert G. Schatz
President/Chief Executive Officer
NORTH EAST INSURANCE COMPANY
EXTENDS RIGHTS OFFERING
SCARBOROUGH, MAINE, December 29, 1998 -- NORTH EAST INSURANCE COMPANY
(NASDAQ Symbol: NEIC) today announced that it has further extended its
rights offering. The offering is now scheduled to expire at 5:00 p.m.
Eastern time on Tuesday, January 12, 1999.
As announced last week, North East has received a revised offer to acquire
the company, through an exchange of shares at a specified ratio. The offer,
made by Motor Club of America (Nasdaq: MOTR) ("MCA"), is non-binding and is
subject to numerous conditions including termination of North East's pending
rights offering.
"Our Board is in the process of evaluating MCA's offer," said Robert G.
Schatz, President of North East. "In the meantime, we have decided to extend
the rights offering for another two weeks."
Under the pending rights offering, shareholders who owned NEIC common stock
on November 9, 1998 may subscribe for additional shares at $2.25 per share.
North East Insurance Company is a property and casualty insurer located in
Scarborough, Maine. Its common stock has been publicly traded since 1981.
