The 2013 full year preliminary results for RSA Insurance Group plc was announced 27 February 2014.


"3 FOR 8 RIGHTS ISSUE AT 56 PENCE PER NEW ORDINARY SHARE
Further to the announcement on 27 February of its preliminary results for the year ended 31 December 2013, RSA Insurance Group plc ("RSA" or the “Company”) today announces the launch of a rights issue to raise £773 million in proceeds (£748 million net of expenses) (the “Rights Issue”). The Rights Issue is a fully underwritten 3 for 8 rights issue of 1,380,976,863 ordinary shares of 27.5 pence each in the capital of the Company at a price of 56 pence per New Ordinary Share.
The Issue Price of 56 pence per New Ordinary Share represents a discount of approximately 40% to the closing price of 93.4 pence on 24 March 2014 (being the last business day prior to the release of this announcement) and a 32.7% discount to the theoretical ex-rights price based on the closing price on 24 March 2014."

(thanks to skinny for this article)


Bottom chart 'fast stochastic'

babykitcat, patience :-)

purrrrrrrrr

Thats more like it,drive it forward.

Still purrrring babyk?

yes im happy as a PIG in SUGAR!! or a cat in a bird cage.
seriously though we should see a little more movement tommo looking at the trades going through after 4:30 also the papers on sat/sun should help for mondays trade.......PAWS CROSSED

Ouch.

Corvus drops tentative plan for Royal & Sun Alliance bid

AFX

LONDON (AFX) - Corvus Capital Inc, the takeover vehicle of financier Andrew Regan, said it has abandoned tentative plans to bid for Royal & Sun Alliance Insurance Group PLC.

In a statement, Corvus said it had dropped its takeover proposal after RSA's management indicated that it would not support any offer.

'Corvus...would only have intended to proceed with an offer for RSA with the cooperation of its existing management. This cooperation was not forthcoming,' the group said.

Corvus first announced that it was mulling a bid for RSA on Monday, confirming earlier market speculation, and pushing the insurer's shares sharply higher.

Analysts had expressed scepticism that any offer would materialise, pointing out that possible future liabilities at RSA's discontinued US business would pose a serious obstacle to a successful takeover.

mn/cw

I was having a look at these.....glad I didn't buy after this.

What were Brandes thinking of?

Nothing like a bit of papertalk stan,dont think it was ever on the cards to be honest.

I don't think this move has surprised anyone, particularly the market, otherwise the drop would have been greater. Never credible that Corvus and its 'team' would have been able to take RSA.
I'll back the judgement of Brandes in this one and will continue to hold accepting a good divi return and still the possibility of a serious contender for RSA showing their hand.
Good luck all
opto

Thanks for your thoughts Dave and Opo, gives me further food for thought.

interesting how the price is still holding could there be more news to follow?

I am hanging on to this too but not very "optomistic" in the
short term!

im unsure what to do i got a ROLLING position on RSA that at the moment is down quite a bit dont know if i should just cash it in n cut my losses and then ope a december spread for the same amount

Plenty of buyers on L2 @ 82.75p. Trading well balanced.

Just my view so dont all slate me at once,this is, wait for it



legal & general 2,,very tight share price range,and a big income to boot,dress it up how they like,for me its there same.

Opto tell me i am wrong,,,,,,,,,,,,,please,,confused from wales.

Sorry can't help you there Dave, you've got me confused :-)

Not just me then opto.

It's in the blue @ 83.50p bid! That must be a surprise to some after this mornings announcment.

Well just for a moment.

Even if the Regan bid was not ever going to come off, at least it put RSA back on the radar of those with the financial mucle to have a go, or made those that are going to have a go sit up and sharpen their pencils.

Personally not currently a holder of RSA as was waiting for sub 80 again and as it would be an ISA purchase for yield, can't decide whether to ditch Sainsbury, (current ISA stock) in favour of RSA.

Any thoughts on this dilemma gratefully received?