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The group said it continues to make progress on the Solvency II requirements set to be introduced to the insurance industry, with the group's solvency ratio at the end of June the same as it was at the end of 2011: 198%. The solvency ratio is a measure of a company's wherewithal to meet long-term obligations (liabilities). "Profits on both an IFRS and EEV basis were both pretty healthy compared to last year," Kettleborough said. IFRS is the standard International Financial Reporting Standards methodology, while EEV - European Embedded Value - is a standard used in the insurance industry. IFRS profit before tax, excluding exceptional items, for the six months ended 30th June increased by 145% to £9.3m from £3.8m the year before. On an EEV basis pre-tax profit for the half-year of £20.3m shot up from £0.4m the year before. "The UK business is chugging away, while in Sweden we have had some operational difficulties which we have made some progress in addressing," Kettleborough said. Pressed on what had gone wrong at Movestic, its Swedish life assurance company, Kettlebrough said there were two aspects to the Swedish situation
The legion of income investors with holdings in Chesnara will be pleased to see that the insurance company has once again upped its interim dividend, to 6.1p from 5.95p the year before. It may be unusual to highlight a dividend payment in a company's interim results, but when a stock yields more than 9% that seems a sensible place to start, a view echoed by company Graham Kettleborough, who acknowledged the importance of the company's pay-out to its shareholders. "We are a dividend stock, a favourite of self-invested personal pension plans," he said to Sharecast. "The increase is in line with what we normally do," he added. Although the company's policy is for steady rather than sensational dividend increases, the yield has somehow risen to a level which is normally only seen on companies regarded as certainties to cut or cancel dividend payments; that is not the case at Chesnara, where the board is confident about future dividend flows. "Cash generation in the first half of this year compares very favourably with last year," Kettleborough said. Net cash generation this time round totalled £12.4m, versus £6.7m in the first half of last year.
· IFRS profit before tax, excluding exceptional item, for the six months ended 30 June 2012 increased by 145% to £9.3m, (2011: £3.8m) · Earnings per share (on IFRS basis) of 6.19p, (2011: 2.79p) · On EEV basis pre-tax profit for the half-year of £20.3m (2011: £0.4m) · Shareholder equity on EEV basis (pre dividend payment) of £296.3m - £2.58p per share (31 December 2011: £294.5m - £2.56p per share) · Net cash generation of £12.4m compares favourably to first half of 2011 (£6.7m) · Capital release of £7m, arising post 30 June, following successful de-authorisation of Save & Prosper companies. · Group solvency ratio remains, post dividend, stable at 198% (30 June 2011: 198%) · Countrywide Assured's solvency ratio remains healthy at 213% (30 June 2011: 254%). Movestic's solvency ratio of 277% (30 June 2011: 189%) also remains above target · 6.1p interim dividend per share declared (2011: 5.95p), an increase of 2.5% · Board remains confident about future dividend flows · Search for value adding acquisition opportunities continues
strage lift...some leakage on the upcoming results? £2 looks likely now.
Bought in here today 1.66 Hoping for divi and get out higher
300 !!! Would like some more cheaper. Good yieldand well run company
Have received email from csn that divi payment date is 15th Oct not 15th Sep as suggested on their website.
RNS / Director Shareholding The Company has received notification from Graham Kettleborough, an Executive Director, of a transaction in his shareholdings. He has advised that on the 1 June 2012 he purchased 10,000 shares in representing 0.009% of the shares in issue at a price of 156.49p. Following the transaction, Graham Kettleborough's holding is 68,100 Ordinary 5p shares, representing 0.059% of the shares in issue.
And then what you do is, you re-invest the dividend, top up while you're at it, and wait for it all to go back up again. Which it will. As it always has done. All IMO of course.
Bargain !! HA HA Alert HA HA. You should know when the market drops this one is very high risk.Look what happened in 2008/9. Its got a goodway down to go yet
Will be buying if goes to £1.50! Great company!!!
EARNCASH...........................ANAGRAM
9.57% dividend ... fill ya boots people !! Tucked a few of these away in my ISA prior to recent Ex-Divi date .... am VERY close to adding some more, it seems almost rude not too (or am I missing something ??)
Great share for dividend return. Expect it to continue
Solid rises now until divi ex date in 10 days. 9.5% yield maintained.!!! V good results too
They don't say in the report but ex-divi date is 11th April this year, payable on 22nd May
Chesnara plc Continued dividend growth despite challenging market conditions 30 March 2012 Chesnara today reported final results for the year ended 31 December 2011. These are the first set of results which follow the transfer of the business of Save & Prosper Insurance Limited and its subsidiary Save & Prosper Pensions Limited (together 'S&P'), acquired in December 2010, into Chesnara's principal UK subsidiary, Countrywide Assured plc ('CA'). · Profit on IFRS basis before tax for the year ended 31 December of £22.4m (2010: £18.3m excluding profit of £15.9m arising on acquisitions) · Reduction in EEV from £354.6m to £294.5m predominantly due to adverse economic experience and assumption changes of £49.4m giving rise to an EEV post-tax loss of £29.8m excluding exceptional items (2010:profit of £18.7m excluding exceptional items) · Pre-tax operating EEV profit increased to £12.5m (2010: £0.3m) · Strong cash generation continues at £25.4m (2010: £42.6m including £23.8m arising on acquisition of S&P) · Shareholder equity on EEV basis (pre proposed final dividend payment) now £2.56p per share (2010: £3.09p per share) · Earnings per share on IFRS basis of 22.35p (2010: 29.05p) · Successful operational integration of S&P business and transfer of funds from S&P into CA with strong capital, fiscal and operational benefits · Solvency ratios remain strong with Group at 198%(2010: 200%), CA at 183% (2010: 213%) and Movestic 245% (2010: 188%) · Final proposed dividend increased to 10.9p (2010:10.6p). Total dividend for the year increased by 2.8% to 16.85p (2010:16.4p). · Board remains committed to providing shareholders with an attractive dividend stream · Acquisition opportunities continue to be examined Graham Kettleborough, Chief Executive said: '2011 saw a great deal of uncertainty in the Eurozone which contributed to falls in equity markets and reductions in the yield curve. Both of these had a significant effect but, due to our prudent approach to the management of our businesses and the successful Part VII transfer of S&P, we have emerged in good financial health. The recovery in the markets in early 2012 is welcome and, even if this does not persist, we remain well placed to continue to deliver on our aims. On the acquisition front we continue to seek suitable opportunities and will continue to be selective and only pursue opportunities which will deliver an acceptable value uplift and/or support Chesnara's future dividend paying capability. The Board are pleased to recommend an increase in the final dividend to 10.9p per share. This gives rise to a total dividend for the year of 16.85p per share which represents a 2.8% increase.' The Board a
05 March 2012 Notice of Results Chesnara plc, the life assurance group, will be reporting results for the year ended 31 December 2011 on Friday 30 March 2012. A presentation for analysts will be held at 9.30am, on Friday 30 March 2012 at the offices of Panmure Gordon & Co, Moorgate Hall, 155 Moorgate, London, EC2M 6XB.
Stuck a few away in my ISA. This is my first time in CSN and have done so mainly as it looks to me as if it is approaching being 'Technically' oversold plus if the company maintain dividend payments at recent levels then I for one am quite happy to be on board. GLA Wooly ;o)
I am fairly new to chesnara and have bought in twice at 164.4 and 165.6 ....if dividends are on par with last year thats @ 10% as you say....hard to beat
Now call me a cynical ol barsteward if you must but how on earth can we have sells at 168 when it was never above 166 to sell all day ??? Looks like some more blatant misinterpretation from those cheeky mm,s yet again !! Seems more like someone knows the end of year results are going to be stonking ,maybe even a dividend increase is on the cards ??? Already sitting at a barnstorming 10% yield ,they dont come much better than Chesnara ;-)
Thursday 15 December, 2011Chesnara PLC Save & Prosper Part VII Transfer Approved RNS Number : 0648U Chesnara PLC 15 December 2011 Part VII Transfer Approval Save & Prosper Insurance Limited and Save & Prosper Pensions Limited Part VII Transfer approved. On 20 December 2010, Chesnara plc ('Chesnara') announced the acquisition of Save & Prosper Insurance Limited ('SPI') and its subsidiary Save & Prosper Pensions Limited('SPP') and is now pleased to advise that today UK Court clearance was granted for the transfer of the long-term business of SPI and SPP into Countrywide Assured plc, a subsidiary of Chesnara, pursuant to Part VII of the Financial Services and Markets Act 2000 (the 'Transfer'). As a result of synergies arising as a direct result of the Transfer, which were not previously reflected in Chesnara's embedded value assumptions, the completion of the Transfer is expected to have a positive effect on the financial position and results of the Company for the financial period ending 31 December 2011. Commenting on the Court clearance, Graham Kettleborough, Chief Executive of Chesnara plc, said: 'We are very pleased with the outcome of our application to transfer the Save and Prosper businesses into our subsidiary, Countrywide Assured plc. Save and Prosper is fully integrated in operational terms and we expect the additional synergies generated as a result of this successful transfer to assist us in maintaining a strong dividend yield for our shareholders.'
www.investegate.co.uk/article.aspx?id=201112121518158088T&fe=1
www.investegate.co.uk/article.aspx?id=20110831070000PAC58&fe=1