Chesnara Regulatory News (CSN)

8 Jul 2009 17:03

Chesnara plc8 July 2009 Chesnara plc Acquisition of Moderna F¶rs¤kringar Liv AB REGULATORY APPROVAL

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 F¶rs¤kringar Liv AB, from Moderna Finance AB, for a total consideration of SEK250 million (the "Acquisition"), Chesnara plc ("Chesnara") is pleased to announce that regulatory approval from the Commissariat aux Assurances (Luxembourg) has been obtained on 8 July 2009.

Completion of the Acquisition remains conditional upon approval of the Acquisition by the shareholders of Chesnara. An Extraordinary General Meeting ("EGM") to approve the Acquisition has been convened for 11.00 a.m. on 20 July 2009. A notice of EGM can be found in the Circular.

For further enquiries, please contact:

Chesnara plcGraham Kettleborough, CEOTel: +44 (0) 7799 407519PressMichael Henman, Cubitt ConsultingTel: +44 (0) 207 367 5100

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.