Save & Prosper acquired by Chesnara

The deal will be financed by a share issue and £40m loan from the Royal Bank of Scotland. The placing consists of 10,458,877 new shares, representing approximately 9.99% of Chesnara's issued share capital, together with up to 3,096,194 treasury shares, representing 2.96% of its share capital. "This is exactly the type of opportunity we have been looking for," says Chesnara CEO Graham Kettleborough. "It fully matches our strategic acquisition criteria in terms of size, the attractive discount to embedded value, its complementarity to our existing UK business and the potential capita...