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 14, 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 14, 1998, the Registrant announced that its Board of Directors
has declined an acquisition offer. The specific terms of the offer were not
announced. A copy of the Registrant's press release is filed as an exhibit
to this report.
Pursuant to a Registration Statement on Form SB-2 (Registration No. 333-
62881), the Registrant is conducting a rights offering to its shareholders.
The rights offering is presently scheduled to expire December 21, 1998,
unless further extended in the discretion of the Registrant.
Item 6. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release dated December 14, 1998
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 14, 1998 By: /s/ Robert G. Schatz
President and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- --------------------------------------------
99.1 Press release dated December 14, 1998
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 14, 1998 -- NORTH EAST INSURANCE COMPANY
(NASDAQ Symbol: NEIC) today announced that its Board of Directors has
declined an acquisition offer for the company. The offer proposed an
exchange of stock and cash for NEIC shares, at a price in excess of recent
trading prices of NEIC stock. North East said it has no plans to disclose
the specific terms or the name of the company that made the offer.
"Our Board examined the offer and concluded that it clearly was inadequate
and not in the best interests of North East's shareholders," said Robert G.
Schatz, President of North East. "From time to time, we get overtures
concerning a purchase of North East. Normally we do not comment publicly on
such matters. In this case, North East is in the midst of a rights offering
to its shareholders, and we felt it appropriate to disclose that an offer
had been received and declined."
North East Insurance Company is a property and casualty insurer located in
Scarborough, Maine. Its common stock has been publicly traded since 1981.
