Last checked at 20 Dec 2010 14:50
AcquisitionChesnara plc20 December 2010 Chesnara plc Acquisition of the Save & Prosper Group ACQUISITION
Following the publication on 30 November 2010 of a "Class 1" circular dated 29 November 2010 for the purposes of Chapter 10 of the Listing Rules (the "Circular") in connection with the acquisition of the entire issued share capital of Save & Prosper Insurance Limited and its wholly owned subsidiary Save & Prosper Pensions Limited (together the Save & Prosper Group), from JPMorgan Asset Management Marketing Limited, for a total consideration of £63.5 million (the "Acquisition"), and the Announcement on 16 December 2010 regarding the approval of the Acquisition by the shareholders of Chesnara plc ("Chesnara" ) at the General Meeting held on the same day, Chesnara is pleased to announce that all conditions precedent to the completion of the Acquisition have been fulfilled and the Acquisition has, today, been completed.
For further enquiries, please contact:
Chesnara plcGraham Kettleborough, CEOTel: +44 (0) 7799 407519Press
Michael Henman, Cubitt Consulting
Tel: +44 (0) 207 367 5106
Notes to editors:
Chesnara plc, which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ("CA") and Movestic Livf¶rs¤kring AB ("Movestic) (formerly Moderna F¶rs¤kringar Liv AB). CA is a UK life assurance subsidiary that is substantially closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance ("CWA") - for GBP47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA. Movestic, a life assurance company which focuses on pensions and savings, was acquired on 23 July 2009 for GBP20m. The company, which was launched in 2002, continues to write new business and grow its strong position in the Swedish unit-linked market. Movestic's market presence was increased through the acquisition of a controlling stake in AkademikerR¥dgivning I Sverige AB, an IFA, in late 2009 and the purchase of the policyholders, personnel, intellectual property and systems of Aspis F¶rs¤krings Liv AB, a life and health insurer, in February 2010.
This announcement does not constitute, or form part of, an offer to sell, or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction.
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