UPDATE: Chesnara places 12% rump of GBP140 million rights offer

Wed, 23rd Jul 2025 13:13

Chesnara PLC - Preston, England-based life and pensions consolidator - Remaining 12% of shares not taken up in rights issue are placed with investors by RBC Europe Ltd and ABN AMRO Bank NV as underwriters of the offer and by Panmure Liberum Ltd as joint bookrunner. The 9.4 million new shares are placed at 255 pence each, a 45% premium to the rights offer price of 176p. The difference in price will be paid to those shareholders who didn't take up their rights.

Earlier Wednesday, Chesnara said it received 88% acceptances for its 10-for-19 rights issue to raise GBP140 million. The funds will go towards the purchase of specialist life protection and investment bond provider HSBC Life UK Ltd from HSBC Holdings PLC for GBP260 million.

Current stock price: 260.03p for GBP599.8 million market capitalisation

12-month change: up 19%

By Tom Waite, Alliance News editor

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