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Where are we in the procedure?

In October 2020, we paid a second instalment to claimants who filed their claim in 2018 and a first instalment to claimants who filed their claim in 2019. If you wish to see how this instalment was calculated, or why you did not receive it, click here.

All together you filed a total of 301,351 claims. Computershare, our Claims Administrator, already finalised the analysis of 293,288 claims and continues to process the remaining 8,063 claims. Computershare is now in contact with the claimants about most of these remaining claims.

301,351 claims

already finalised: 293,288 claims

Including the October 2020 payment, we already made payments for a total amount of €971,357,291. This leaves €337,142,709 to be distributed.

total Settlement Amount of €1,308,500,000

already paid: €971M
still available: €337M

(data as of 8 October 2020, including the October 2020 payment)

The exact amount to which you will be entitled (your “Final Claim Amount”) cannot be calculated yet. This is because the total Settlement Amount payable by Ageas is fixed, at €1,308,500,000, and it must be shared between all claimants. Thus we first need to know the total amount of all claims that will be accepted as valid. Once Computershare’s work will be finished and all disputes will be resolved, Computershare will make the final calculations and, if your Final Claim Amount is more than what you already received, we will pay you the balance. We expect that this will be in 2021.

THE OCTOBER 2020 INSTALMENT

The amount due to you under the Fortis settlement is paid in several instalments – one, two or three depending on your circumstances. This is because Computershare cannot calculate your Final Claim Amount until it has finished processing all claims and all disputes are resolved. The total Settlement Amount payable by Ageas is fixed, at €1,308,500,000, and must be shared between all claimants. If compensation is claimed for more Fortis Shares than expected, the amount of compensation per Fortis Share will be reduced. Conversely, if compensation is claimed for fewer Fortis Shares than expected, the amount of compensation per Fortis Share will be increased. In addition, the total Settlement Amount of €1,308,500,000 includes four separate buckets and the reduction or increase is calculated separately for each bucket (the four buckets are: Buyer Shares, Holder Shares, Compensation Add-On and Cost Addition – for more details, please see the acceptance letter you received from Computershare and the Settlement Agreement).

When your claim was accepted, Computershare advised you of your “Provisional Claim Amount” – this was a provisional calculation, before any reduction or increase. In other words, your Provisional Claim Amount was calculated by Computershare on the basis of 100% of the compensation amount for each bucket.

The table below shows the total size of each bucket and the minimum payment percentage per bucket, after reduction or increase, that we estimated in October 2020:

Buyer Shares €507.7M 100.0%
Holder Shares €572.6M 65.6%
Compensation Add-On €76.2M 61.1%
Cost Addition €152.0M 119.1%
€1,308.5M

Some examples below illustrate the calculation.

  • If you filed your claim in 2018, you already received at the time your claim was accepted a first instalment of 70% of your Provisional Claim Amount. In October 2020 Computershare recalculated your claim, by applying to each of the four buckets in your Provisional Claim Amount the above percentages. If this resulted in an amount greater than the 70% you already received, we paid the difference as a second instalment (unless the difference was less than €50, in which case it will be paid to you later, together with the final instalment). If the result was less than 70%, you were not entitled to a second instalment at that time.

  • If you filed your claim in 2019 and if you already received a letter confirming the acceptance of your claim, we paid you a first instalment in October 2020 (unless that first instalment would have been less than €50, in which case it will be paid to you later, together with the final instalment). This instalment was calculated by applying the above percentages to each of the four buckets in your Provisional Claim Amount.

In all cases, you may still be entitled to one more instalment. Once Computershare’s work will be finished it will make the final calculations and, if your Final Claim Amount is more than what we paid you until then, we will pay you the balance (in any event you will not have to reimburse anything). We expect that this will be in 2021.

See our FAQ page for an answer to the following questions:

CALCULATION EXAMPLES FOR THE OCTOBER 2020 INSTALMENT

Example 1

Details of your claim, as summarised in the acceptance letter sent by Computershare:

Your Provisional Claim Amount, as calculated according to the Settlement Distribution Plan, is €4,031.25. Below is a breakdown of the calculation resulting in your Provisional Claim Amount.

Period 1 Period 2 Period 3
Buyer 1 Shares Holder 1 Shares Buyer 2 Shares Holder 2 Shares Buyer 3 Shares Holder 3 Shares
1000 shares 1500 shares 0 shares 2500 shares 0 shares 2500 shares
€470.00 €345.00 €0 €1,275.00 €0 €375.00

Highest number of Fortis Shares held between the close of trading on 28 February 2007 and the close of trading on 14 October 2008: 2500 shares

Compensation Add-On: €950.00

Active Claimant: yes

Active Claimant Cost Addition: €616.25

Minimum estimate of your entitlement as re-calculated in October 2020:

Provisional Claim Amount re-calculation
Buyer Shares
€470.00
€0
€0
} €470.00
x 100.0% = €470.00
Holder Shares
€345.00
€1,275.00
€375.00
} €1,995.00
x 65.6% = €1,308.72
Compensation Add-On €950.00 x 61.1% = €580.45
Cost Addition €616.25 x 119.1% = €733.95
Total €4,031.25 €3,093.12
  • If you filed your claim in 2018, you already received at the time your claim was accepted a first instalment of €2,821.88, being 70% of your Provisional Claim Amount. The new minimum estimate of your entitlement as re-calculated in October 2020 is higher. The difference, which is €271.24, is paid to you as a second instalment.

  • If you filed your claim in 2019, the full minimum estimate of your entitlement as re-calculated in October 2020, which is €3,093.12, is paid to you as a first instalment.

Example 2

Details of your claim, as summarised in the acceptance letter sent by Computershare:

Your Provisional Claim Amount, as calculated according to the Settlement Distribution Plan, is €2,085.00. Below is a breakdown of the calculation resulting in your Provisional Claim Amount.

Period 1 Period 2 Period 3
Buyer 1 Shares Holder 1 Shares Buyer 2 Shares Holder 2 Shares Buyer 3 Shares Holder 3 Shares
0 shares 1500 shares 0 shares 1500 shares 0 shares 1500 shares
€0 €345.00 €0 €765.00 €0 €225.00

Highest number of Fortis Shares held between the close of trading on 28 February 2007 and the close of trading on 14 October 2008: 1500 shares

Compensation Add-On: €750.00

Active Claimant: no

Active Claimant Cost Addition: €0

Minimum estimate of your entitlement as re-calculated in October 2020:

Provisional Claim Amount re-calculation
Buyer Shares
€0
€0
€0
} €0
x 100.0% = €0
Holder Shares
€345.00
€765.00
€225.00
} €1,335.00
x 65.6% = €875.76
Compensation Add-On €750.00 x 61.1% = €458.25
Cost Addition €0 x 119.1% = €0
Total €2,085.00 €1,334.01
  • If you filed your claim in 2018, you already received at the time your claim was accepted a first instalment of €1,459.50, being 70% of your Provisional Claim Amount. The new minimum estimate of your entitlement as re-calculated in October 2020 is lower. Thus you do not receive a second instalment for the time being. In any event you will not have to reimburse the €1,459.50 that you already received.

  • If you filed your claim in 2019, the full minimum estimate of your entitlement as re-calculated in October 2020, which is €1,334.01, is paid to you as a first instalment.

Any questions?

Please take a look at the FAQ.

Faq