Life insurance and pensions consolidator, Chesnara, has raised £140 million via a Rights Issue of nearly 80 million new ordinary shares as it gears up to buy HSBC Life UK.
The new shares were priced at 176p per share, Chesnara received valid acceptances for just over 70 million new ordinary shares, or approximately 88% of the total shares issued. The amount raised will be used to aid in the consolidator's acquisition of insurer HSBC Life UK, according to Chesnara CEO Steve Murray. He said: "I am pleased to announce we have successfully raised gross proceeds of £140m to support the financing of our proposed acquisition of HSBC Life UK." For the remaining 12% of shares not under acceptance, RBS and ABN AMRO will be responsible for finding subscribers. ...
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