23rd Jul 2025 09:53
Chesnara PLC - Preston, England-based life and pensions consolidator - Gets 88% acceptances for its GBP140 million rights issue to raise funds for an acquisition from HSBC Holdings PLC that Chesnara expects to catapult it into the FTSE 250 index. Chesnara receives acceptances for 70.2 million new shares out of the 79.5 million on offer in its 10-for-19 rights issue at 176 pence per share. The remaining shares will be placed with investors by RBC Europe Ltd and ABN AMRO Bank NV as underwriters of the offer and by Panmure Liberum Ltd as joint bookrunner.
The fresh equity will go towards Chesnara's purchase of specialist life protection and investment bond provider HSBC Life UK Ltd for GBP260 million. "This transaction materially increases the scale of our UK business and is expected to enhance the sustainability and longevity of the group's cash generation," says Chief Executive Officer Steve Murray on Wednesday.
Current stock price: 263.36 pence for GBP604.3 million market capitalisation
12-month change: up 21%
By Tom Waite, Alliance News editor
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