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 18, 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 18, 1998, the Registrant announced an extension of its rights
offering to shareholders. The offering had originally scheduled to expire
December 21, 1998. The revised expiration date is 5:00 p.m., Eastern time,
on December 29, 1998. A copy of the Registrant's press release announcing
the extension is filed as an exhibit to this report.
The terms of the rights offering are further described in a Registration
Statement on Form SB-2 (Registration No. 333-62881).
Item 6. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release dated December 18, 1998, extending
the expiration date of the 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 18, 1998 By: /s/ Robert G. Schatz
President and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- --------------------------------------------
99.1 Press release dated December 18, 1998, extending
the expiration date of the 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
PRESS RELEASE
NORTH EAST INSURANCE COMPANY
EXTENDS EXPIRATION DATE OF RIGHTS OFFERING
SCARBOROUGH, MAINE, December 18, 1998 -- NORTH EAST INSURANCE COMPANY
(NASDAQ Symbol: NEIC) today announced an extension of its rights offering to
5:00 p.m., Eastern time, on Tuesday, December 29, 1998.
On November 23, 1998, North East commenced an offering of common stock to
shareholders of record as of November 9, 1998. Stock is being offered to
shareholders at a price of $2.25 per share. The offering covers a maximum
of 3,049,089 shares (one share for each share outstanding on the record
date); closing is not contingent on any minimum number of shares being sold.
The rights offering had originally been scheduled to expire December 21,
1998, subject however to extension by North East.
Under the terms of the extended offering, subscriptions received after 5:00
p.m. on December 29, 1998 will be rejected unless North East chooses to
further extend the offering. As stated in the prospectus mailed to
shareholders, North East also reserves the right to cancel the offering at
any time.
North East Insurance Company is a property and casualty insurer located in
Scarborough, Maine. Its common stock has been publicly traded since 1981.
