CHESNARA

This has a dreadful chart for last few months.
Didnt know why.
But it appears that USB has disposed of 4.2million over recent period which I think probably accounts for depressed 2 mths.

Strong points are its projected yield of 8.67% .
Peg of .36 and projected Peg of .29
Projected Profit 50% rise.

I have held these from about 98 before disposing of them at about 170 and re-buying some at 169 and 155 and 158 after recent drop on 31/102005 when it dropped probably due to USB sell..
Also bought some CFDs

My guess is that it is going to recover fairly sharply.

BDYOH

No idea, parrisf. That closing auction was a real bummer. Looks like someone wanted out very quickly and wasn't worried about price. I know of no fundamental reason for the fall - yet. Let's hope there are no nasty surprises lurking in the results.

My thoughts exactly. Might be best to run on Monday. Thanks LG.

Looks like we are back to business as usual - almost.

Final Results

Financial Highlights
· IFRS profit of £60.6m before tax, an increase of 208% (2012: £19.7m)
· Gross cash generation of £49.7m (2012: £34.0m) giving a Total Shareholder Return (TSR) of 79% for 2013 and 261% over 5 years

· Increase of £65.3m in EEV to £376.4m (2012: £311.1m)

· EEV earnings net of tax increased by £51.5m to £82.7m (165%) before modelling adjustments (2012: £31.2m)

· Recommended dividend of 11.63p per share, an increase of 3.4%. Total proposed dividend increased by 3% to 17.88p - ten years of consecutive growth

· Group solvency ratio remains very robust at 194%

· Subsidiary solvency ratios also strong and above targets. CA at 218%, PL at 156% and Movestic at 311%

Operational Highlights
· Acquisition of Protection Life (formerly Direct Line Life Insurance) for £39.3m delivering an EEV gain of £12.3m upon completion in November 2013
· Movestic achieves 61.9% increase in like for like new business volumes and £7.2m of new business profit (2012: £2.6m)

· Movestic captures 8% of new unit-linked pensions business market share (2012: 5.3%)

· Group's regulatory compliance record remains robust

· Value enhancing acquisition opportunities

Statement regarding 2014 UK Budget
In his Budget announcement on 19 March, the Chancellor of the Exchequer announced significant changes which will affect the pensions and annuity markets. Chesnara's UK business does not have a significant exposure to annuities and has not sought to write such business for a number of years. We note the changes to flexibility of pensions arrangements however we are not expecting any immediate or significant change to our book of business, or the value of it.

Graham Kettleborough, Chief Executive said:
'2013 has been an extremely positive year for Chesnara with the Company achieving significant advances across all elements of the business and against key objectives. Focus and commitment to a proven business model is delivering both operational depth and robustness allowing us to report strong financial results for the existing and new books of business throughout both the UK and Swedish operations.

'The Board is therefore pleased to recommend an increase in the final dividend to 11.63p per share, a 3.4% rise.

'Our strong operational platforms and positive indications of support for sources of funding for potential future acquisitions, give us confidence in the continued success of Chesnara through 2014 and beyond, whilst ensuring that we continue to reward the loyalty of our shareholders and policyholders'.

The Board approved this statement on 27 March 2014.

City watchdog to probe 30m financial policies

The City regulator is to investigate about 30 million insurance company policies over concerns that customers are subject to "unfair" conditions.

The investigation will include pensions, endowments, investment bonds and life insurance policies sold in the UK between the 1970s and 2000.

The Financial Conduct Authority (FCA) will look into policies which penalise savers who want to switch providers.

The FCA told the Daily Telegraph it might "intervene on exit charges".

more....

I recon this probe is what made these shares go down from 340 to 280. If so who new about it and when, looks dodgy?

That is responsible for today's fall - across the industry shares generally.

The budget's shake up of the annuity business was responsible for the fall last week.

1st Quarter Results

Good IFRS result and modest EEV growth underpinned by strong operating performance

During the first quarter of 2014 economic conditions have been fairly flat compared with more favourable conditions in the first quarter of 2013. As a result of this the Group results are below those for the equivalent quarter in 2013.

· Profit on an IFRS basis before tax for the quarter ended 31 March 2014 of £7.3m (quarter ended 31 March 2013: £8.7m).

· Protection Life has generated a profit slightly above expectations in its first full quarter of Chesnara ownership.

· Gross cash generation of £4.5m for the quarter ended 31 March 2014 (full year 2013: £49.7m, quarter ended 31 March 2013: £12.2m).

· Increase in EEV to £379.9m at 31 March 2014 from £376.4m at 31 December 2013. A net of tax profit of £6.1m has been offset by a £2.6m loss arising from the depreciation of Swedish Krona in the quarter.

· Shareholder equity on EEV basis of 330.8p per share (31 December 2013: 327.7p per share), before recognising the payment of the 2013 final dividend of 11.63p to be paid on 22 May 2014.

· EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) for the quarter ended 31 March 2014 of £8.6m (quarter ended 31 March 2013: £28.5m), with economic factors having a significantly lower impact than in the corresponding period in 2013 (2014: £1.9m; 2013: £25.8m).

· Movestic generated £5.1m of EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) in the quarter ended 31 March 2014 with a strong improvement in the new business contribution (quarter ended 31 March 2013: profit of £8.2m).

· Solvency ratios remain strong, with Group solvency at 200% (31 December 2013: 194%), CA plc at 231% (31 December 2013: 218%), PL at 167% (31 December 2013: 156%) and Movestic at 327% (31 December 2013: 311%).

· A 27% increase in the number of IFAs supporting Movestic compared with the same period in 2013 has resulted in a 42.6% increase in Pensions and Savings new business.

· Good progress has been made on both the planned Part VII transfer of Protection Life due to complete by the end of 2014 and the migration of the Protection Life book to our outsource provider.

· The acquisition outlook remains positive following the acquisition of Protection Life in November 2013.

Half yearly out tomorrow.

Half Yearly Report

Continued strong results underpin 2.7% dividend increase at Chesnara

29 August 2014

Chesnara is pleased to report interim results for the half-year ended 30 June 2014. The Group continues to offer shareholders an attractive long-term income stream arising from the profits of its life assurance businesses.

· IFRS profit before tax increased by 25.7% for the six months ended 30 June 2014 to £27.4m (30 June 2013: £21.8m)
· Increase of 6.3% in EEV to £400.3m (31 December 2013: £376.4m)
· Increase of 33.6% in EEV post-tax profit to £47.3m (30 June 2013: £35.4m, excluding modelling adjustments)
· Movestic increases EEV new business contribution to £5.8m (30 June 2013: £2.3m)
· Strong gross cash generation of £16.0m (30 June 2013: £21.9m)
· Group solvency ratio remains, post dividend, strong at 192% (31 December 2013: 194%)
· Subsidiary solvency ratios also strong and above targets. CA at 250% (31 December 2013: 218%), Protection Life at 176% (31 December 2013: 156%) and Movestic at 350% (31 December 2013: 311%)
· Shareholder equity of 348.5p per share on an EEV basis (31 December 2013: 327.7p per share)
· Earnings per share (on an IFRS basis) of 19.87p (30 June 2013: 15.01p)
· 6.42p interim dividend per share declared (2013: 6.25p), an increase of 2.7%
· Board remains focussed on offering shareholders an attractive dividend flow
· Search for value adding acquisition opportunities continues

Commenting on the results, Graham Kettleborough, Chief Executive said:

"I am, again, pleased to be able to deliver another strong set of results. All our businesses are performing well and, consequently, we are able to continue our dividend growth and declare a 2.7% increase in the interim dividend to 6.42p per share."

The Board approved this statement on 28 August 2014.

Anyone any thoughts to when this one reached the bottom again?

Stan - I no longer hold, having added to FLG last month.

I may look again nearer March.

Financial Calendar

Recent Brokers

Back on the list.

Proposed Acquisition and Placing

Proposed Acquisition of Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. ("Waard Group") by Chesnara plc ("Chesnara" or the "Company") for €67.8 million (approximately £55.1 million) plus deferred performance related consideration (the "Acquisition"), and placing to raise approximately £35 million

Highlights

· Acquisition of the Waard Group, comprising three insurance companies and a servicing company, for a consideration of €67.8 million (£55.1 million)(1)
· Estimated European Embedded Value ("EEV") of the Waard Group as at 30 June 2014 is €92.0m; the consideration of €67.8(1) million represents a discount of 26.3% to EEV
· The Waard Group businesses are strongly capitalised and the potential for phased, orderly capital extraction is a key attraction of the Acquisition
· The Dutch market offers significant consolidation potential and the servicing company being acquired provides an operating platform to facilitate this
· Placing of up to 11,504,765 new Ordinary Shares (the "Placing") to raise approximately £35 million before expenses to fund a proportion of the Acquisition, the balance of the consideration being provided by Chesnara's cash resources
· The Acquisition and the Placing are expected to immediately enhance Chesnara's EEV per share, on completion of the Acquisition ("Completion"), by approximately 2.2%

more...

What's that a buy? http://www.moneyam.com/action/news/showArticle?id=4983381

Yes - above 6% and from 7,213,898 -> 7,729,369.

Thought so but not certain, thanks.

Final Results

A year of solid delivery on our core strategic objectives

Chesnara today reported results for the year ended 31 December 2014. The Group remains committed to delivering competitive returns to both its shareholders and policyholders, and continues to focus on:
· the core business of maximising value from the in-force life and pensions book.
· value enhancement through writing profitable new business in Sweden.
· making further life and pensions acquisitions where they meet stringent assessment criteria.

Financial Highlights

· Gross cash generation of £42.6m (2013: £49.7m). Cash is generated primarily from the UK business, which has remained resilient to falling bond yields in the year.

· Net cash generation of £71.1m (2013: £36.7m). Net cash generation includes a benefit of £27.4m arising from the Part VII transfer of Protection Life.

· 2.9% increase in total dividend compared with 2013. Recommended final dividend of 11.98p per share results in total dividend for the year of 18.40p per share (2013: 17.88p per share). 2.9% increase represents the tenth successive rise in annual dividends.

· EEV of £417.2m (2013: £376.4m). Growth of 10% driven by earnings of £44.2m and December 2014 equity raise of £34.5m, offset by dividend payments of £20.7m and Swedish Krona exchange losses of £17.3m.

· IFRS profit before tax of £28.8m (2013: £60.6m). Reduction compared with 2013 primarily driven by significant reduction in Government bond yields over the year.

· EEV earnings net of tax of £44.2m (2013: £82.7m). Strong 2014 result shows continued value emergence, albeit at a lower level than 2013, largely due to impact of fall in Government bond yields in the year.

· 23.6% increase in Movestic EEV new business contribution to £8.9m. Increase driven by a combination of higher volumes of new policies sold and improved margins.

· Group solvency ratio increased to 284% (2013: 194%). Increase is driven by regulatory earnings and equity raise. An element of the increase will reverse on completion of the Waard Group acquisition in 2015.

· Subsidiary solvency ratios remain strong and above internal targets. CA plc at 176% (2013: 218%); Movestic at 376% (2013: 311%).

Operational Highlights

Value from the in-force book
· Part VII transfer of Protection Life into Countrywide Assured completed. Transfer completed in line with planned timeframe and has delivered expected capital efficiencies. Transfer enabled a one-off cash transfer of £27.4m.

· Extension of core outsource contract with HCL. Contract extension has enhanced operational and financial security of the Group.

New business
· Management actions taken to enhance the profitability of new business. Enabled by the delivery of new policyholder funding structures and "white labelling" initiatives.

Acquisitions
· £34.5m of equity raised following announcement to make value-adding Waard Group acquisition. Waard Group is strongly capitalised and should generate attractive financial returns. The acquisition adds a third territory and provides a platform that will enable further acquisitions in the Dutch and continental European markets. It remains subject to Dutch regulatory approval.

· Value enhancing acquisition opportunities in the UK and Western Europe, principally in the £50m - £200m range, continue to be sought and examined.

Culture and values
· Group's regulatory compliance record remains robust.


more....

Another sudden collapse in the share price today. Now sitting at its 12 month support level. I wonder what caused today's share price action.

No idea LG but the turn of the year seems a good entry point for these after looking at the previous 5 years chart history.

Trading Update http://www.moneyam.com/action/news/showArticle?id=5156594 A steady as we go sort of report from a quick scan IMHO.