Last checked at 15 Dec 2011 12:11
Part VII Transfer Approval
Save & Prosper Insurance Limited and Save & Prosper Pensions Limited Part VII Transfer approved.
On 20 December 2010, Chesnara plc ('Chesnara') announced the acquisition of Save & Prosper Insurance Limited ('SPI') and its subsidiary Save & Prosper Pensions Limited('SPP') and is now pleased to advise that today UK Court
clearance was granted for the transfer of the long-term business of SPI and SPP into Countrywide Assured plc, a subsidiary of Chesnara, pursuant to Part VII of the Financial Services and Markets Act 2000 (the 'Transfer').
As a result of synergies arising as a direct result of the Transfer, which were not previously reflected in Chesnara's embedded value assumptions, the
completion of the Transfer is expected to have a positive effect on the
financial position and results of the Company for the financial period ending 31 December 2011.
Commenting on the Court clearance, Graham Kettleborough, Chief Executive of
Chesnara plc, said:
'We are very pleased with the outcome of our application to transfer the
Save and Prosper businesses into our subsidiary, Countrywide Assured plc. Save and Prosper is fully integrated in operational terms and we expect the additional synergies generated as a result of this successful transfer to assist us in maintaining a strong dividend yield for our shareholders.'
For further information please contact:
Graham Kettleborough Chief Executive
+44 (0) 7799 407 519
Michael Henman Cubitt Consulting
+44 (0) 20 7367 5100