Canaccord Genuity advises Chesnara on its acquisition of Save & Prosper Insurance Limited

On 26 November 2010, our client Chesnara PLC (“Chesnara”) announced that it had agreed to buy Save & Prosper Insurance Limited and its subsidiary Save & Prosper Pensions Limited (“S&P”) from JPMorgan Asset Management Marketing Limited (“JPMAM”), a wholly-owned subsidiary of JPMorgan. The consideration was £63.5m which was financed by a new bank facilities of £40m and a placing of 13.4m shares, raising just under £27m.

S&P is a UK based provider of unit linked, non linked and with-profits pension and life assurance products which is closed to new business. The transaction is consistent with Chesnara’s strategy of buying life assurance companies in the UK and Europe, and managing them to produce a consistent and progressive dividend yield for shareholders.

Canaccord Genuity = acted as sole financial adviser and sponsor to Chesnara.

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