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'

Market appears to like todays disposal RNS

Good progress this morning.

Header chart updated, bit stretched before.

Finals tomorrow.
Not a lot expected of them it seems...let's hope for a pleasant surprise and a return to payment of divi.

Final Results

2014 pre-tax profit of £275 million, up from £244 million loss in 2013

Good progress on implementing new strategy and laying foundations for stronger future performance

Medium-term performance targets reaffirmed. Dividend recommencing

Final dividend 2p...WOW!

Not looked for Hester's bonus yet, probably just a token one like the divi.

Well done Hester divi 2p shares down 18p!
correct that now 23p down....where will it stop?

Looking for an entry point on this one. Not quite sure where yet. Was going to take 420 but think I'll wait and see what happens

Big toe in the water today at 422.5, 418.5 and 417.5

Hoping for a pick up on the back of AV.

Seems to have been a seller holding it back today. Large volume in closing auction compared with rest of day's volume.

xd 2p today fyi

Goldman Sachs Sell 411.50 445.00 385.00 Downgrades

Credit Suisse Outperform 411.50 525.00 475.00 Reiterates

... can these analysts forecasts ever be taken seriously?
I don't think so!

haha - I must buy some more then.

From Wednesday:

The possible disposal of RSA's Latin America operation "could be a game changer" for the insurance group and could fetch a higher price than the £500m rumoured, according to Berenberg.

The broker, which kept a 'hold' rating, said that the potential sale could "unlock" RSA's dividend story, allowing the group to lift its payout ratio sooner than expected.

Interim Management Statement


Strategic update

Continued good progress on our Action Plan to secure strategic focus, capital strength, and sustainably improved business performance.
Completed disposals of Singapore and Hong Kong (gain on sale £109m); announced disposals of minority interest in India and our UK Engineering Inspection business.
On plan for Solvency II internal model submission in Q2. Capital ratios at Q1 are slightly up versus year end, in line with our expectations.
Costs and headcount are falling as expected. Remediation in Ireland continues.

Trading update

Core Group net written premiums of £1.5bn, up 1%1 (up 5% ex new Group reinsurance programme). Underlying trends in line with expectations across all regions.
Underwriting result seasonally subdued but largely as planned, with some variability by region.
Investment performance is on track to deliver around £380m of income in 2015.
Q1 net attributable profits a little ahead of our plans and included anticipated disposal gains.
Tangible equity £3.0bn (31 December 2014: £2.9bn).
Capital metrics at 31 March 2014: IGD surplus c.£1.9bn with coverage of 2.3 times; Economic capital surplus c.£0.9bn with coverage of 1.3 times.

Seems to be moving up yesterday and today against the general flow of FTSE presumably on sector takeover views.

Someone was in a hurry first thing to buy at 415

Anyone know what's going on with this today. I have plenty and was already planned to sell the first tranche at 441 but it's moving so fast I'm wondering if something is up

Not just today CC, it's been climbing fast from just over 390.
Not seen any news anywhere and it appears that skinny hasn't either and he always 'finds things'.
Results due 6th August, if the move is down to the results they could be very good.
Of course for us it is just a matter of wait and see ;-/

Well all I've got is very broad sector M&A rumours. See ADM chart yesterday.

And insurance premiums up 5% yoy which apparently is very closely watched.

I want to sell 20% of my holding but I keep looking at it and thinking the M&A rumours may have some substance

Spent most of the afternoon arguing with myself and eventually sold 10% of my holding just before the close very near the top of the day

Well done CC. Money in the bank. Live to fight another day. Nothing wrong with that.

It's been a terrific run, RSA just having a breather today...