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'

The Sun is shining on me today. Glad I only sold 10% last Thursday

Well done CC - I no longer hold these, but I did have a recent S?B @405p - now closed.

"Following an announcement earlier on Tuesday from Zurich Insurance that it was evaluating a potential offer for RSA Insurance, the London-listed company said it has not held talks with or received a proposal from Zurich.

Earlier, Zurich said the announcement does not amount to a firm intention to make an offer and there can be no assurance any offer will be made.
But in an afternoon statement, the FTSE 100 company said: "RSA has not held talks with or received a proposal from Zurich and shareholders are advised to take no action."
Zurich bid or not, RBC Capital Markets said RSA is an attractive bid target. Although RSA has encountered a number of problems in its business in the last two years, it continues to have an attractive geographic split of business, said the Canadian bank."

Just imagine if one had followed this:

July 27: Panmure Gordon: Sell - TP: 385p

Statement Regarding RSA Insurance Group plc

Further to the announcement issued on 28 July 2015 in relation to RSA Insurance Group plc, Zurich Insurance Group Ltd. ("Zurich") confirms that it is likely that any offer, if made, will be solely in cash.

No disclosure under Rule 2.10 of the City Code on Takeovers and Mergers will therefore be made in relation to securities in Zurich.

Couple of interesting NTC trades reported at the end of the day
29/7 5m at 522.28
30/7 2.5m at 521.15

Peanuts compared with market cap but significant compared to daily volume.

Suggests to me one player is soaking up a significant quantity of sales. They aren't getting mine as I'll hold off selling over the weekend to see what the press can drum up on the rumour mill

Perhaps an official announcement just before the close...one will have to come :-)

Early next week now?

Sunday Telegraph: Insurer RSA ready to hold out for 600p-a-share bid from Zurich

Price creeping up this morning to a level suggesting a bid would be over 550p

Half-yearly Report

Trading results

Core Group premiums up 2%1 ex Group reinsurance programme. Overall Group net written premiums of £3.4bn down 3%1 year-on-year post disposals.

Group operating profit £259m (H1 2014: £141m): UK £144m; Canada £92m; Scandinavia £55m.

Group underwriting profit of £101m (H1 2014: £23m loss). Core Group combined ratio of 96.9% (H1 2014: 100.3%). Record underwriting profits in the UK and Canada (Combined ratios of 94.4% and 92.3% respectively). Underlying results in
Scandinavia strong.

Current year underwriting profit of £73m (H1 2014: £27m); current year attritional loss ratio of 57.1%, 1.2pts better than prior year (H1 2014: 58.3%). Weather and large losses £7m better than planned and £36m2 better than H1 2014.

Prior year underwriting profit of £28m, within our expected range of 0-1% of net earned premiums. Positive development in Canada and the UK; net strengthening in Scandinavia.

Ireland underwriting loss of £16m, much reduced from H1 2014 (£65m loss) - remediation continues. Improved underwriting result in Latin America despite impact of first quarter Chile floods.

Investment income of £206m; full year outlook improved to c.£390m. Increasing bond yields during H1 are a positive for future earnings and economic capital ratios.
Net gains of £169m include £140m from disposals completed in the first half.

Reorganisation costs were £55m. No further ‘clean up’ charges in the period.
Pre-tax profit was £288m (H1 2014: £69m). Post tax profit of £215m (H1 2014: £6m).

Price stuck at 505 now and today's volume suggests that there doesn't seem to be a clear outcome to this proposed takeover.

Volume much lower today and buyers seem ready to push the price up a bit to encourage sellers.

Seems to have finally cleared the seller who has been selling out for days around 506-507.

Price seems to be ticking up slightly ahead of the deadline but on so little volume it suggests any offer will not be that high

I took a few off the table yesterday @ 510

One of the few bright sparks today.

Seriously thinking of selling this and sticking the money on well anything else

Edit: sold 60% and bought some RBS, STAN and PFL. On the basis Zurich want an extension no offer is going to be made imminently and I think I can make more elsewhere

Edit2: whole lot gone now. Rest of cash on RDSB and WEIR. Bit risky but "who dares wins"

Update regarding Possible Offer for RSA Insurance Group plc (“RSA” or the “Company”)

The Board of RSA (the “Board”) announces that it has received a revised proposal from Zurich Insurance Group (“Zurich”) regarding a possible all cash offer for the Company at 550 pence per ordinary RSA share (the “Possible Offer”). In addition, under the terms of the proposal, RSA ordinary shareholders retain the right to receive the 3.5 pence interim dividend announced by RSA on 6 August 2015. The Possible Offer is conditional on, amongst other things, due diligence and the recommendation of the Board.

more...

Ooops! Zurich announces it does not intend to make an offer for RSA

Zurich provides preliminary update on third quarter 2015

Panmure Gordon Sell 407.05 509.50 550.00 385.00 Downgrades