Last checked at 21 May 2018 17:16
CHESNARA plc
("Chesnara" or "the Company")
Notification of PDMR Dealing and Total Voting Rights
Chesnara plc (the 'Company') today announces that the following PDMR has exercised options over ordinary shares as a result of the vesting of the awards made on 28 May 2014 under the 2014 Chesnara Long Term Incentive scheme ('LTI') and Short Term Incentive Scheme ("STI"). Of these, 29,168 shares were sold to cover liability to tax and national insurance contributions arising on vesting, with the balance being retained.
In conformity with 5.6.1 of the FCA Disclosure and Transparency Rules (the "Rules"), the Company notifies the market that, as at the date of this announcement, its issued capital comprised 149,885,761 ordinary 5p shares including 24,980 held in treasury.
The total number of voting rights is therefore 149,860,781 (being the Company's issued share capital less the number of shares held in treasury).
Shareholders should therefore use 149,860,781 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Rules.
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | David Rimmington |
2 | Reason for the notification | |
a) | Position/status | Chief Finance Officer |
b) | Initial notification /Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Chesnara plc |
b) | LEI | 213800VFRMBRTSZ3SJ06 |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
a) | Description of the financial instrument, type of instrument and identification code | Chesnara plc Ordinary shares of 5 pence each (Shares) ID Code: (GB00B00FPT80) |
b) | Nature of the transaction
| 1. Exercise of options over 38,635 shares following vesting of the conditional awards under the 2014 Long Term Incentive scheme. 2. Exercise of options over 14,086 shares following vesting of the conditional awards under the 2014 Short Term Incentive scheme. 3. 29,168 shares sold to cover tax and social security obligations |
c) | Price(s) and volume(s) | 1 & 2 Price(s): nil. Volume: 52,721. 3 Price): 392.6p. Volume: 29,168. |
d) | Aggregated information | N/A |
e) | Date of the transaction | 16 May 2018 |
f) | Place of the transaction | 1 & 2 - XOFF 3 - London Stock Exchange (XLON) |
The above notification is made in accordance with the requirements of the EU Market Abuse Regulation.
Notes to Editors
Chesnara plc ('Chesnara'), which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA plc'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV. Chesnara Holdings BV is the intermediate holding company of 'Waard Group' and 'Scildon'.
CA plc is a UK life assurance subsidiary that is closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance - for £47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc. Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on 20 December 2010 for £63.5 million. With effect from 31 December 2011, the business of Save & Prosper was transferred into CA plc. On 28 November 2013 Chesnara acquired Direct Line Life Insurance Company Limited (subsequently renamed Protection Life Company Limited) from Direct Line Group plc for £39.3m. On 31 December 2014 the PL business transferred into CA plc. CA plc operates an outsourced business model.
Movestic, a Swedish life assurance company which originally focused on pensions and savings, was acquired on 23 July 2009 for £20 million. The company is open to new business and seeks to grow its position in the Swedish unit-linked market. Its proposition was strengthened in February 2010 with the acquisition of the operations of Aspis Försäkringar Liv AB which has a risk and health product bias.
The Waard Group, a Netherlands-based Group comprising three closed book insurance companies and a servicing company, was acquired on 19 May 2015 for €69.9m. The Waard Group, comprising Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. was previously owned by DSB Beheer B.V., a Dutch financial services Group. The policy base of the Waard Group is predominantly term life policies, with some unit linked policies and some non-life policies. On 5 April 2017 Chesnara completed its acquisition of Legal & General Nederland Levensverzeikering Maatschappij N.V. ('LGN') for €161.2 million. The LGN business which has been renamed Scildon, is in the Dutch life assurance market, and as with our Swedish subsidiary Movestic, Scildon writes protection and pension new business.
Further details are available on the Company's website (www.chesnara.co.uk).