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: July 13, 1999
(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 July 13, 1999 the Registrant announced that it had adjourned its July 12,
1999 special meeting of shareholders, for lack of a quorum. The meeting was
called for the purpose of considering a proposed merger transaction. The
meeting will reconvene on Tuesday, July 20, 1999 at 4 p.m. at the originally
scheduled location. A copy of the Registrant's press release announcing the
adjournment is filed as an exhibit to this report.
The joint proxy statement for the special meeting of shareholders is
contained in the Registration Statement on Form S-4/A of Motor Club of
America, as amended (Registration No. 333-78529).
Item 6. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release dated July 13, 1999 of
Registrant, announcing adjournment of
the July 12, 1999 special meeting of
shareholders
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: July 13, 1999 By: /s/ Robert G. Schatz
President and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- -----------
99.1 Press release dated July 13, 1999 of
Registrant, announcing adjournment of
the July 12, 1999 special meeting of
shareholders
NORTH EAST TO RECONVENE SHAREHOLDER MEETING
ON MERGER VOTE
SCARBOROUGH, Maine, July 13, 1999 -- North East Insurance Company (Nasdaq:
NEIC) today announced that it has adjourned its July 12 shareholder meeting
for lack of a quorum. The meeting will reconvene on Tuesday, July 20, 1999
at 4:00 p.m. The meeting was called to seek approval of a proposed merger
agreement with Motor Club of America (Nasdaq: MOTR).
"As previously announced," said Robert G. Schatz, Chairman and CEO of North
East, "we have a very high quorum requirement for a transaction of this
nature. The proposed merger requires the affirmative vote of holders of at
least 75% of the outstanding shares of North East common stock. To date
not enough shareholders have voted on the transaction. We adjourned the
meeting for another eight days to allow our shareholders additional time to
submit their proxies."
Schatz continued, "Of the shares voted so far, a very large percentage are
in favor of the transaction. This is consistent with the views of our
Board of Directors, which has unanimously approved the merger with Motor
Club."
Motor Club also held a meeting of its shareholders July 12. It announced
that Motor Club shareholders voted to approve the transaction.
North East Insurance Company is a property and casualty insurer located in
Scarborough, Maine. Its common stock has been publicly traded since 1981.
