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'

Nov 5: Panmure Gordon reiterates: Sell - TP unchanged: 117p

skinny - can't find any mention of the dividend. What are you referring to?

In these 3 sentences :-

During the third quarter of 2013, shareholders’ funds excluding the pension scheme deficit decreased by 4% to £3,732m, reflecting foreign exchange losses and the declaration of the interim dividend which more than offset profits generated in the period.

The IGD surplus at 30 September 2013 was £0.8bn (30 June 2013: £0.9bn) with coverage over the IGD requirement of 1.5 times. The reduction in surplus mainly reflects the impact of the interim dividend and foreign exchange which has more than offset profits generated.

The ECA surplus, on both a 1 in 200 per annum and a 1 in 1,250 per annum calibration, was unchanged from the position at the half year. This reflected profits generated in the period which were broadly offset by the accrual of the interim dividend.

Lunchtime update from HL

Doh! Thanks skinny. Should've gone to Specsavers.

Citigroup Buy 121.00 121.00 146.00 146.00 Reiterates

Nomura Neutral 121.00 121.00 124.00 120.00 Upgrades

Deutsche Bank Hold 121.00 121.00 120.00 117.00 Reiterates

Nov 6: Barclays reiterates: Underweight - TP: 115p.

Numis Securities reiterates: Hold - TP down from 115p to 110p.

Another nasty bit of news from RSA late yesterday after markets had closed. The suspension of their top team in Ireland and the second profit warning (another £70 millions down the pan) is starting to make them look accident probe - not good for an insurance company. This will be red again on Monday. Bugger

Not good is it!

RSA insurance suspends Ireland CEO over 'issues' in claims unit

Last paragraph from above..

"The latest crisis for RSA comes after RSA slashed its dividend this year. Shares fell 8% after Tuesday's profit warning and are expected to dramatic drop when the markets open again on Monday."

Recovery play alert?... Not for some time though I think.

Recovery play...going to be some time I think as well Stan, I had these for 130p in the not too distant future...that now seems a long way off :-(

Bit of a slapping as predicted eh? down 11/12% right now.

Deutsche Bank Hold 108.10 108.10 117.00 115.00 Reiterates

Nomura Neutral 108.10 108.10 120.00 113.00 Reiterates

and from yesterday :-

Canaccord Genuity Sell 0.00 115.00 100.00 Downgrades

Credit Suisse Underperform 0.00 125.00 110.00 Downgrades

Barclays Capital Underweight 0.00 114.00 114.00 Retains

Citigroup Neutral 0.00 146.00 126.00 Downgrades

JP Morgan Cazenove Neutral 0.00 140.00 126.00 Downgrades

26 Nov: JP Morgan Cazenove: Neutral - TP maintained: 126p. Reiterates.

Completion of Irish Reserve Review and Management Changes

RSA Insurance Ireland reserve review completed - £130m strengthening of reserves

RSA Board accepts resignation of Group Chief Executive, Simon Lee
Martin Scicluna to become Executive Chairman; search for a new Group Chief Executive underway

Review of the Group’s businesses commenced with the objectives of improving the Group’s performance and capital position

sp 81p down 18% CEO must have been under great pressure before he resigned, dividend looks likely to be reduced.

High risk Buy, says Questor/Telegraph:

http://www.telegraph.co.uk/finance/markets/questor/10520020/Questor-share-tip-RSA-is-a-high-risk-buy.html

RSA to hold talks on credit rating
By Alistair Gray and David Oakley of Bloomberg
"The chairman of RSA is to hold urgent talks with rating agencies this week in a bid to avert a downgrade that could further erode the scandal-hit insurer’s financial stability.
Martin Scicluna is fighting to preserve RSA’s crucial A credit rating after the group, one of Britain’s largest insurers and owner of the More Than brand in the UK, revealed last week that losses in its Irish business were greater than previously thought. The accounting scandal has prompted some investors to call on the board to consider a possible sale of the entire group."

Bit the bullet and sold mine today. I don't believe the 'bid imminent' tales. This is going to wallow for a while yet. Probably get a bid announcement tomorrow morning now, but there it is. Good luck to anyone continuing to hold.