Business
Acquisition(s)
Acquisition(s).
About this update from Chesnara Plc
[{"type":"text","content":"\n \nAcquisition\n\nChesnara plc\n\n20 December 2010\n\n Chesnara plc \n\n Acquisition of the Save & Prosper Group \n\n ACQUISITION \n\nFollowing the publication on 30 November 2010 of a \"Class 1\" circular dated\n29 November 2010 for the purposes of Chapter 10 of the Listing Rules (the \n\"Circular\") in connection with the acquisition of the entire issued share\ncapital of Save & Prosper Insurance Limited and its wholly owned subsidiary\nSave & Prosper Pensions Limited (together the Save & Prosper Group), from\nJPMorgan Asset Management Marketing Limited, for a total consideration of £63.5\nmillion (the \"Acquisition\"), and the Announcement on 16 December 2010 regarding\nthe approval of the Acquisition by the shareholders of Chesnara plc (\"Chesnara\"\n) at the General Meeting held on the same day, Chesnara is pleased to announce\nthat all conditions precedent to the completion of the Acquisition have been\nfulfilled and the Acquisition has, today, been completed.\n\nFor further enquiries, please contact:\n\nChesnara plc\n\nGraham Kettleborough, CEO\n\nTel: +44 (0) 7799 407519\n\nPress\n\nMichael Henman, Cubitt Consulting\n\nTel: +44 (0) 207 367 5106\n\nNotes to editors:\n\nChesnara plc, which listed on the London Stock Exchange in May 2004, is the\nowner of Countrywide Assured plc (\"CA\") and Movestic Livförsäkring AB\n(\"Movestic) (formerly Moderna Försäkringar Liv AB). CA is a UK life assurance\nsubsidiary that is substantially closed to new business. In June 2005 Chesnara\nacquired a further closed life insurance company - City of Westminster\nAssurance (\"CWA\") - for GBP47.8m. With effect from 30 June 2006, CWA's policies\nand assets were transferred into CA. Movestic, a life assurance company which\nfocuses on pensions and savings, was acquired on 23 July 2009 for GBP20m. The\ncompany, which was launched in 2002, continues to write new business and grow\nits strong position in the Swedish unit-linked market. Movestic's market\npresence was increased through the acquisition of a controlling stake in\nAkademikerRådgivning I Sverige AB, an IFA, in late 2009 and the purchase of the\npolicyholders, personnel, intellectual property and systems of Aspis\nFörsäkrings Liv AB, a life and health insurer, in February 2010.\n\nThis announcement does not constitute, or form part of, an offer to sell, or\nth...