Business
Result of GM
Result of GM.
About this update from Chesnara Plc
[{"type":"text","content":"\n \nResult of General Meeting\n\nChesnara plc\n\n16 December 2010\n\n Chesnara plc \n\n Acquisition of the Save & Prosper Group \n\n ANNOUNCEMENT OF RESULT OF GENERAL MEETING \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 in\nconnection with the acquisition of the entire issued share capital of Save &\nProsper Insurance Limited and its wholly owned subsidiary Save & Prosper\nPensions Limited (together the Save & Prosper Group), from JPMorgan Asset\nManagement Marketing Limited, for a total consideration of £63.5 million (the \n\"Acquisition\"), Chesnara plc (\"Chesnara\") announces that the resolution\nproposed in connection with the approval of the Acquisition was passed by\nChesnara's shareholders at the General Meeting (\"GM\") held earlier today.\n\nThe resolution proposed at the GM was carried on a show of hands.\n\nDetails of the proxy voting in respect of the resolution was\n\nFor 65,683,098 votes 99.99%\n\nAgainst 1,193 votes 00.01%\n\nAbstain 293,797 votes\n\nCompletion of the Acquisition is expected to take place on 20 December 2010.\n\n\nFor further enquiries, please contact:\n\nChesnara plc\nGraham Kettleborough, CEO\nTel: +44 (0) 7799 407519\n\nPress\nMichael Henman, Cubitt Consulting\nTel: +44 (0) 207 367 5100\n\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 pr...