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
SCARBOROUGH, MAINE, December 23, 1998 -- NORTH EAST INSURANCE COMPANY
(NASDAQ Symbol: NEIC) today announced that it has received a revised
acquisition offer for the company. The offer proposes an exchange of stock
for NEIC shares, at a specified ratio.
"Our Board is in the process of examining the offer, in order to determine
whether to pursue negotiations with the offering company," said Robert G.
Schatz, President of North East. "No decision has yet been made in this
regard."
North East is conducting a rights offering to its shareholders. The
offering is scheduled to expire on December 29, 1998 unless further
extended.
North East Insurance Company is a property and casualty insurer located in
Scarborough, Maine. Its common stock has been publicly traded since 1981.
Exhibit 99.2
MOTOR CLUB OF AMERICA PROPOSES TO ACQUIRE
NORTH EAST INSURANCE COMPANY
PARAMUS, N.J., Dec. 23 -- Motor Club of America (Nasdaq: MOTR; "Motor Club"
or "Company") announced today that it submitted an offer to acquire North
East Insurance Company (Nasdaq: NEIC; "North East") to the North East Board
of Directors. The offer is non-binding and is conditioned upon North East
not proceeding with its previously announced rights offering, which is
presently set to expire December 29, 1998.
Motor Club of America is a property and casualty insurance holding company.
Motor Club of America Insurance Company writes personal automobile
insurance. Preserver Insurance Company writes small commercial and
homeowners insurance. Both companies are rated B+ (Very Good) by A.M. Best
Company.
SOURCE: Motor Club of America
