Chesnara PLC (CSN.L)
27 Mar 2015
* Regulatory approval Source text for Eikon: Further company coverage:
* Placing raising gross proceeds of approximately £35.7 million
- Chesnara Plc said its long-serving chief executive would step down early next year as the company moves into the Dutch life insurance market by acquiring assets of bankrupt financial services group DSB.
* To place 11.5 mln shares to help fund deal (Adds details, management, analyst comments, share price)
Dec 3 - Chesnara Plc, an insurance-focused takeover specialist, said it would buy Waard Group for 67.8 million euros ($83.9 million) and that Chief Executive Graham Kettleborough would step down after Dec. 31.
* Proposed acquisition of Waard Leven N.N., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. by Chesnara for 67.8 mln euro
* Gross cash generation of 22.3 mln stg for nine months ended 30 september 2014 and 6.3 mln stg for Q3 (full year 2013: 49.7 mln stg, nine months ended 30 September 2013: 30.2 mln stg, Q3 2013: 8.3 mln stg)