Chesnara Regulatory News (CSN)

23 Jul 2009 10:51

23 July 2009 Chesnara plc Acquisition of Moderna Forsakringar Liv AB ACQUISITION

Following the publication on 3 July 2009 of a "Class 1" circular for the purposes of Chapter 10 of the Listing Rules (the "Circular") in connection with acquisition of the entire issued share capital of Moderna Forsakringar Liv AB, from Moderna Finance AB, for a total consideration of SEK250 million (the "Acquisition"), and the Announcements of 8 July 2009 regarding the receipt of regulatory approval from the Commissariat aux Assurances (Luxembourg), and 20 July 2009 regarding the approval of the Acquisition by the shareholders of Chesnara plc ("Chesnara") at the Extraordinary 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 407519PressMichael Henman, Cubitt ConsultingTel: +44 (0) 207 367 5106

Notes to editors:

Chesnara, which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ("CA"). CA is a life assurance subsidiary that is substantially closed to new business. In June 2005 Chesnara acquired City of Westminster Assurance ("CWA") for GBP47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc. Chesnara's operating model is to maintain a relatively small governance team. Chesnara continues to seek acquisition opportunities in the financial services sector in areas related to its core life operations.

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.