(Alliance News) - Hastings Group Holdings PLC said Wednesday Goldman Sachs Group Inc will no longer be allowed to nominate a member of its board.
Hastings held a relationship with Goldman after the insurer's initial public offering in 2015, as Goldman held an interest in over 40% Hastings issued shares.
However, Hastings said Goldman's stake is now below 10%, meaning the pair have agreed to terminate the deal they struck in 2015.
As a result, Goldman will no longer hold the right to nominate a director to be appointed on Hastings' board.
Shares in Hastings were down 3.3% in London on Wednesday at 176.40 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
