R&SA rights issue hit by pensions fund hole - papers 20 September

Professional Adviser
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THE MASSIVE cash call being sought by Royal & Sun Alliance to prop up reserves has run into trouble ...

THE MASSIVE cash call being sought by Royal & Sun Alliance to prop up reserves has run into trouble according to The Times, which says unknown pensions fund liabilities have put the whole deal in jeopardy. The deficit could be £750m, the paper warns, which is three-quarters of the £1bn the company hopes to raise through the rights issue. Institutional investors are unlikely to support the issue of new shares unless the company can show it has the pensions fund issue under control, the paper quotes analysts. MEANWHILE IN GERMANY Munich Re, the world's largest re-insurer ...

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