NTUC Income Insurance Co-operative Limited

Announcement relating to the Liquidation of NTUC Income insurance Co-operative Limited (‘Co-op’)

26 May 2023

Reference is made to our letter to all shareholders dated 6 April 2023 (‘Letter’).

1. Arrangements regarding delivery of share certificates
As set out in our Letter, all Co-op shareholders are official shareholders of Income Insurance Limited (‘Income Insurance’) as at 6 April 2023. Shareholders of Income Insurance were given two options as to the custody arrangement for their shares namely:

• Default option (Option 1): Share certificates to be held in custody by the Share Registrar of Income Insurance, Boardroom Corporate & Advisory Services Pte Ltd (‘Share Registrar’)
• Option 2: Share certificates to be mailed and held by shareholders personally

The Liquidators have been informed that all share certificates belonging to shareholders who opted for Option 2 have been mailed out to shareholders.

If you have opted for Option 2 and have not received your share certificate, please urgently contact the Share Registrar at [email protected] or call +65 6536 5355 between 8.30 am to 5.30 pm on Monday to Friday.

2. Next steps in the Liquidation
Following the distribution of the Income Insurance shares, largely all the assets of Co-Op have been distributed. The Liquidators will now see to certain administrative tasks needed to liquidate Co-Op and subsequently apply to the Registrar of Co-operative Societies (‘Registrar’) (under the Ministry of Culture, Community and Youth) for the cancellation of the registration of Co-Op pursuant to Section 89 of the Co-Operative Societies Act 1979.

Further announcements will be made once the registration has been cancelled.

Shareholders can follow Income’s and the Liquidators’ websites for updates and FAQs via the following pages:
https://www.income.com.sg/corporatisation
https://kordamentha.com/creditors/incomecoop

Should you have any queries, kindly contact the relevant parties accordingly:

Queries pertaining to your Income shareholdings, share certificates or share transfer: Contact Boardroom at [email protected].

Queries pertaining to the liquidation of Co-op: Contact KordaMentha at [email protected].

Yours faithfully
for and on behalf of
NTUC Income Insurance Co-operative Limited

Cameron Lindsay Duncan
Liquidator

Announcement relating to the corporatisation of NTUC Income Insurance Co-Operative Limited ('Co-op')

Pursuant to a press release issued by the Co-op on 6 January 2022 informing members of the corporatisation exercise of the Co-op, the Co-op has since taken the following steps regarding the corporatisation:

1. Successfully sought members’ approval at an extraordinary general meeting held on 18 February 2022, for the transfer of the insurance business by the Co-op to the new company, Income Insurance Limited (‘Income’), and the liquidation of the Co-op;
2. Received confirmation from The General Division of the High Court of Singapore for the transfer of the Co-op’s insurance business to Income on 14 June 2022. The transfer was completed on 1 September 2022 via a ‘Scheme of Transfer’ under the Insurance Act 1966 and other transfer agreements; and
3. Applied to the Registrar of Co-operative Societies (‘Registrar’) (under the Ministry of Culture, Community and Youth) to wind up the Co-op under section 83(1) of the Co-operative Societies Act 1979 and to appoint liquidators for this purpose.

In accordance with the above, we advise that the Registrar has issued a winding up order for the Co-op and appointed Cameron Lindsay Duncan and David Dong-Won Kim of KordaMentha Pte Ltd as liquidators of the Co-op on 28 December 2022. Please refer to the bottom of the page for the orders relating to the winding up and the appointment of the liquidators.

Shareholders of the Co-op as at the date of the proposed distribution of Income shares (targeted to take place in the first quarter of 2023, subject to relevant approvals) will receive shares of Income on a one-for-one basis, and their Co-op shares will be cancelled. Thereafter, the Co-op will be dissolved. More information on the corporatisation exercise can be found at Income’s website: https://www.income.com.sg/corporatisation.

The liquidators will provide updates to all Co-op shareholders regarding the share distribution exercise in due course, via the following page https://kordamentha.com/creditors/incomecoop.

Should you have any queries in relation to this matter, please contact the liquidators’ office by email at [email protected].