Director/PDMR Shareholding

RNS Number : 7982C

Chesnara PLC

21 January 2015

 



Chesnara plc (the "Company")

Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons

The Company were notified on 19 January 2015, that Peter Wright, Non Executive Director, transferred 16,000 ordinary shares in the Company, off market, for nil consideration to his spouse on 16^th January 2015.

Peter Wright's resultant total beneficial interest remain 70,000 ordinary shares, representing 0.06% per cent of the Company's issued Ordinary Share capital.

21 January 2015

For further information please contact:

Chesnara

John Deane, Chief Executive                                      [phone]

 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'), Protection Life Company Limited ('PL') and Movestic Livförsäkringar AB ('Movestic').

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 14 the PL business transfered 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.

Furthermore, the Company announced on 3 December its intention to purchase the Waard Group in the Netherlands for an initial consideration of £55.1m, financed by a successful share placing of £35.7m and cash reserves. Further details are available on the Company's website (www.chesnara.co.uk).

 

END

 

 

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