Director/PDMR Shareholding

RNS Number : 7462D

Chesnara PLC

28 April 2017

 

Chesnara plc

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility ('PDMRs')

Chesnara plc (the 'Company') today announces that, on 28 April 2017, John Deane and David Rimmington (each a PDMR) were granted awards in the ordinary shares of the Company under the Chesnara plc Long Term and Short Term Schemes.  These awards were made in accordance with the Directors's Remuneration Policy.

The notifications for each PDMR below, which are being made in accordance with the requirements of the EU Market Abuse Regulations, provide further detail of the awards granted to each PDMR.

1	Details of the person discharging managerial responsibilities/person closely associated
a) b)	Natural person:                 Legal person	John Deane
2	Reason for the notification
a)	Position/status:	Chief Executive Officer
b)	Initial notification/amendment	Initial notification
3	Details of the Issuer
a)	Name	Chesnara plc
b)	Legal Entity Identifier:	213800VFRMBRTSZ3SJ06
4	Details of the transaction(s): Parts a-d of this section are to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument (Identification code)	Chesnara plc Ordinary Shares of 5 pence each (GB00B00FPT80)
b)	Nature of the transaction	GRANT 1 GRANTED UNDER THE CHESNARA 2014 SHORT-TERM INCENTIVE SCHEME. THE OPTION IS NOT SUBJECT TO A PERFORMANCE TARGET. THE OPTION WILL BECOME EXERCISABLE ON 28 APRIL 2020 AND REMAIN EXERCISABLE UP TO AND INCLUDING 27 APRIL 2027 IF NOT EXERCISED BEFORE THAT DATE. GRANT 2 GRANTED UNDER THE CHESNARA 2014 LONG-TERM INCENTIVE SCHEME. THE OPTION IS SUBJECT TO A PERFORMANCE TARGET OVER A PERIOD OF THREE FINANCIAL YEARS. SUBJECT TO THE ACHIEVEMENT OF THE PERFORMANCE TARGET, THE OPTION WILL BECOME EXERCISABLE ON 28 APRIL 2020 AND REMAIN EXERCISABLE UP TO AND INCLUDING 27 APRIL 2027 IF NOT EXERCISED BEFORE THAT DATE.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Nil	GRANT 1 37,696 ORDINARY SHARES OF 5P EACH
		Nil	GRANT 2 111,781 ORDINARY SHARES OF 5P EACH
d)	Aggregated information - Aggregated volume - Price	-     149,477 ORDINARY SHARES OF 5P EACH -     Nil
e)	Date of the transaction (YYYY - MM - DD)	2017-04-28
f)	Place of the transaction	XLON (London Stock Exchange)

1	Details of the person discharging managerial responsibilities/person closely associated
a) b)	Natural person:                 Legal person	David Rimmington
2	Reason for the notification
a)	Position/status:	Chief Finance Officer
b)	Initial notification/amendment	Initial notification
3	Details of the Issuer
a)	Name	Chesnara plc
b)	Legal Entity Identifier:	213800VFRMBRTSZ3SJ06
4	Details of the transaction(s): Parts a-d of this section are to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument (Identification code)	Chesnara plc Ordinary Shares of 5 pence each (GB00B00FPT80)
b)	Nature of the transaction	GRANT 1 GRANTED UNDER THE CHESNARA 2014 SHORT-TERM INCENTIVE SCHEME. THE OPTION IS NOT SUBJECT TO A PERFORMANCE TARGET. THE OPTION WILL BECOME EXERCISABLE ON 28 APRIL 2020 AND REMAIN EXERCISABLE UP TO AND INCLUDING 27 APRIL 2027 IF NOT EXERCISED BEFORE THAT DATE. GRANT 2 GRANTED UNDER THE CHESNARA 2014 LONG-TERM INCENTIVE SCHEME. THE OPTION IS SUBJECT TO A PERFORMANCE TARGET OVER A PERIOD OF THREE FINANCIAL YEARS. SUBJECT TO THE ACHIEVEMENT OF THE PERFORMANCE TARGET, THE OPTION WILL BECOME EXERCISABLE ON 28 APRIL 2020 AND REMAIN EXERCISABLE UP TO AND INCLUDING 27 APRIL 2027 IF NOT EXERCISED BEFORE THAT DATE.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Nil	GRANT 1 20,293 ORDINARY SHARES OF 5P EACH
		Nil	GRANT 2 61,996 ORDINARY SHARES OF 5P EACH
d)	Aggregated information - Aggregated volume - Price	-     82,289 ORDINARY SHARES OF 5P EACH -     Nil
e)	Date of the transaction (YYYY - MM - DD)	2017-04-28
f)	Place of the transaction	XLON (London Stock Exchange)

Name of authorised official of issuer responsible for making notification Zoe Kubiak Date of notification 28 April 2017

 

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'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV. Chesnara Holdings B is, the intermediate holding company of 'Waard Group' and 'Scildon'.

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 2014 the PL business transferred 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.

The Waard Group, a Netherlands-based Group comprising three closed book insurance companies and a servicing company, was acquired on 19 May 2015 for €69.9m.  The Waard Group, comprising Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. was previously owned by DSB Beheer B.V., a Dutch financial services Group. The policy base of the Waard Group is predominantly term life policies, with some unit linked policies and some non-life policies.  On 5 April 2017 Chesnara completed its acquisition of Legal & General Nederland Levensverzeikering Maatschappij N.V. ('LGN') for €161.2 million. The LGN business which is being renamed Scildon, is in the Dutch life assurance market, and as with our Swedish subsidiary Movestic, Scildon will be writing protection and pension new business. 

Further details are available on the Company's website (www.chesnara.co.uk).

 

END

 

 

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