Page 155 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 14 – AUSTRALIAN ASSOCIATED MOTOR INSURERS (AAMI)
We were vindicated and we had won a significant victory.
One of the unusual things about this episode is that during the struggle for control, John and I would go to rugby together but we never discussed the case itself.
What it did do, it showed that Sun Alliance had been negotiating with other shareholders and had paid them different amounts of monies for their share and when they came to meet with me, John Mallick maintained he had a majority shareholding and therefore had a right to hold the EGM.
At the end of the day, the agreements they had with the other companies had to be re-opened and we were all then able to apply for our percentage share. As life has it in the insurance industry, the Sun Alliance and Royal ended up with the shareholding because as companies were taken over and in Norwich Winterthur’s case, through the CIC Insurance Group transaction, we lost our shareholding; which was part of the original agreement.
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