Result of Meeting

RNS Number : 4705S

Chesnara PLC

07 November 2013

 



Result of General Meeting

Chesnara plc

7 November 2013

Chesnara plc

Acquisition of Direct Line Life Insurance Company Limited

ANNOUNCEMENT OF RESULT OF GENERAL MEETING

Following the publication on 22 October 2013 of a "Class 1" circular for the purposes of Chapter 10 of the Listing Rules (the "Circular") in connection with acquisition of the entire issued share capital of Direct Line Life Insurance Company Limited from Direct Line Insurance Group plc, for a total consideration of £39.3 million (the "Acquisition"), Chesnara plc ("Chesnara") announces that the resolution proposed in connection with the approval of the Acquisition was passed by Chesnara's shareholders at the General Meeting ("GM") held earlier today. 

The resolution proposed at the GM was carried on a show of hands.

Details of the proxy voting in respect of the resolution was

For              60,555,228 votes                  99.99%

Against                2,155 votes                    0.01%

Abstain            171,532 Votes

Completion of the Acquisition, which remains subject to Prudential Regulation Authority approval, is expected to take place on or before 31 December 2013.

For further enquiries, please contact:

Chesnara plc

Graham Kettleborough, CEO

Tel: [phone]

Press

Roddy Watt - Newgate Threadneedle Limited

Tel: [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') and Movestic Livförsäkringar AB ('Movestic').

CA 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 20th December 2010 for £63.5 million. With effect from 31 December 2011, the business of Save & Prosper was transferred into CA. CA 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.

This announcement does not constitute, or form part of, an offer to sell, or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction. 

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