Trinity Life Insurance Company Announces Extension of Tender Offer for Family Benefit Life Insurance Company Shares of Common Stock
Monday, December 12, 2011
First Trinity Financial Corporation’s (“First Trinity”) wholly-owned subsidiary, Trinity Life Insurance Company (“Trinity Life”), a life insurance company domiciled in Oklahoma, announced today that it is extending its tender offer for 886,259 of Family Benefit Life Insurance Company’s (“Family Benefit Life”) issued and outstanding shares of common stock, representing 100 percent of the Family Benefit Life issued and outstanding shares of common stock not already owned by Trinity Life. As of November 10, 2011, Trinity Life owned 401,381 of Family Benefit Life’s 1,287,640 issued and outstanding shares of common stock.
On November 10, 2011, the Trinity Life commenced a tender offer to purchase up 886,259 of Family Benefit Life’s issued and outstanding shares of common stock at a price of $11.05 per share. The tender offer was originally scheduled to expire on December 9, 2011. Through December 9, 2011, Family Benefit Life shareholders had tendered approximately 665,000 shares of common stock representing approximately 75 percent of the 886,259 shares of common stock subject to Trinity Life’s tender offer.
Trinity Life has determined to extend the expiration date of the tender offer until Wednesday, December 21, 2011, unless further extended. Trinity Life accepts all shares tendered through December 9, 2011. Family Benefit Life shareholders who previously tendered their shares in the tender offer do not need to take any further action. All other terms and conditions of the tender offer remain unchanged except shares tendered will no longer have withdrawal rights and the consideration for the shares of common stock tendered through December 9, 2011 will be paid no later than December 14, 2011. Family Benefit Life shares of common stock tendered and meeting all the requirements of the tender offer during the extension period will be paid within three days of receipt.
This announcement is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation to sell any securities of Family Benefit Life. Trinity Life’s tender offer is being made only by an Offer Notice, a related Letter of Transmittal and other documents, which have been filed with the Securities and Exchange Commission. Family Benefit Life shareholders should read the Offer Notice, tender offer statement and related exhibits, as they contain important information about the tender offer. These and other filed documents are available to investors for free both at the website of the Securities and Exchange Commission and from First Trinity. For further information, please contact Gregg Zahn or Jeff Wood at 918-249-2438.