16th Dec 2010 12:16
Result of General MeetingChesnara plc16 December 2010 Chesnara plc Acquisition of the Save & Prosper Group ANNOUNCEMENT OF RESULT OF GENERAL MEETING
Following the publication on 30 November 2010 of a ``Class 1'' circular dated 29 November 2010 for the purposes of Chapter 10 of the Listing Rules in connection with the acquisition of the entire issued share capital of Save & Prosper Insurance Limited and its wholly owned subsidiary Save & Prosper Pensions Limited (together the Save & Prosper Group), from JPMorgan Asset Management Marketing Limited, for a total consideration of £63.5 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 65,683,098 votes 99.99%
Against 1,193 votes 00.01%
Abstain 293,797 votes
Completion of the Acquisition is expected to take place on 20 December 2010.
For further enquiries, please contact:
Chesnara plcGraham Kettleborough, CEOTel: +44 (0) 7799 407519PressMichael Henman, Cubitt ConsultingTel: +44 (0) 207 367 5100Notes to editors:
Chesnara plc, which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ("CA") and Movestic Livf¶rs¤kring AB ("Movestic) (formerly Moderna F¶rs¤kringar Liv AB). CA is a UK life assurance subsidiary that is substantially closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance ("CWA") - for GBP47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA. Movestic, a life assurance company which focuses on pensions and savings, was acquired on 23 July 2009 for GBP20m. The company, which was launched in 2002, continues to write new business and grow its strong position in the Swedish unit-linked market. Movestic's market presence was increased through the acquisition of a controlling stake in AkademikerR¥dgivning I Sverige AB, an IFA, in late 2009 and the purchase of the policyholders, personnel, intellectual property and systems of Aspis F¶rs¤krings Liv AB, a life and health insurer, in February 2010.
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.
vendorRelated Shares:
Chesnara