Chesnara PLC Result of AGM (4822F)

TIDMCSN

RNS Number : 4822F

Chesnara PLC

18 May 2017

Result of the Chesnara Annual General Meeting

Chesnara plc announces that the resolutions proposed at its Annual General Meeting held on 17 May 2017 were passed by a show of hands. For information, the results of the AGM which includes the total number of votes received for each resolution are set out below. The Company's issued share capital on 17 May 2017 consisted of 149,885,761 ordinary 5p shares and the number of voting rights was 149,738,226 ordinary 5p shares (excluding 147,535 treasury shares).

 
 No.   Resolution                                 No. of           %        Votes       %       Total         Votes 
                                                   votes                  'against'*            No. of      'withheld' 
                                                   'for'                                         votes 
                                             & 'discretionary'                                   cast 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       To receive and adopt the report 
       and 
 1     accounts                             94,435,152           99.99   6,749         0.01   94,441,901   2,130 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 2     To declare a final dividend          94,437,444           99.99   1,587         0.01   94,439,031   2,000 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       To approve the Directors' 
       Remuneration 
 3     Report                               93,524,042           99.06   884,070       0.94   94,408,112   32,919 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       To approve the Directors' 
       Remuneration 
 4     Policy                               92,417,545           97.93   1,958,029     2.07   94,375,574   65,457 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 5     To re-elect Mr Deane                 94,172,305           99.72   262,178       0.28   94,434,483   6,548 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 6     To elect Ms Dale                     94,095,532           99.64   338,951       0.36   94,434,483   6,548 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 7     To re-elect Mr Mason                 93,339,800           98.84   1,094,683     1.16   94,434,483   6,548 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 8     To re-elect Mrs Oak                  94,230,981           99.78   203,502       0.22   94,434,483   6,548 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 9     To re-elect Mr Brand                 94,276,659           99.83   157,824       0.17   94,434,483   6,548 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 10    To re-elect Mr Evans                 94,276,529           99.83   157,954       0.17   94,434,483   6,548 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       To re-appoint Deloitte LLP as 
 11    auditor                              94,105,692           99.66   317,723       0.34   94,423,415   17,616 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       To authorise the directors to 
       determine 
 12    the auditor's remuneration           94,412,507           99.97   24,482        0.03   94,436,989   22,956 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 13    To authorise political donations     92,656,458           98.18   1,713,040     1.82   94,369,498   83,897 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       To authorise the directors to 
       allot 
       securities up to a specified 
 14    amount                               94,080,473           99.61   372,058       0.39   94,452,531   7,414 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       Special resolution - to give the 
       directors power to allot 
       securities 
       for cash without making an offer 
       to shareholders (rights issue or 
 15    open offer)                          93,092,407           98.57   1,354,441     1.43   94,446,848   11,823 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       Special resolution - to give the 
       directors power to allot 
       securities 
       for cash without making an offer 
       to shareholders (financing or 
       refinancing 
 16    an acquisition)                      94,226,467           99.78   212,168       0.22   94,438,635   20,036 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       Special resolution - to give the 
       Company limited authority to 
       purchase 
 17    its own shares                       94,273,549           99.81   181,748       0.19   94,455,297   3,374 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       Special resolution - to approve 
       the 
       change in the Articles of 
 18    Association                          94,355,494           99.95   49,305        0.05   94,404,799   49,870 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
       Special resolution - to allow the 
        Company to call general meetings 
        on not less than 14 clear working 
 19     days' notice                        92,283,094           97.7    2,171,432     2.3    94,454,526   3,317 
----  -----------------------------------  -------------------  ------  ------------  -----  -----------  ------------ 
 

*Votes 'withheld' have not been included in the calculation of whether the resolution is carried. Percentages have been rounded to two decimal places.

The full text of the resolutions can be found in the Notice of the Meeting set out in the Financial Statements for the year ended 31 December 2016, copies of which are available on the Company's website, www.chesnara.co.uk. In accordance with Listing Rule 9.6.3, full details of the resolutions passed as special business will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm.do.

Notes to Editors

Chesnara plc ('Chesnara'), which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA plc'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV. Chesnara Holdings BV is, the intermediate holding company of 'Waard Group' and 'Scildon'.

CA plc is a UK life assurance subsidiary that is closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance - for GBP47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc. Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on 20 December 2010 for GBP63.5 million. With effect from 31 December 2011, the business of Save & Prosper was transferred into CA plc. On 28 November 2013 Chesnara acquired Direct Line Life Insurance Company Limited (subsequently renamed Protection Life Company Limited) from Direct Line Group plc for GBP39.3m. On 31 December 2014 the PL business transferred into CA plc. CA plc operates an outsourced business model.

Movestic, a Swedish life assurance company which originally focused on pensions and savings, was acquired on 23 July 2009 for GBP20 million. The company is open to new business and seeks to grow its position in the Swedish unit-linked market. Its proposition was strengthened in February 2010 with the acquisition of the operations of Aspis Försäkringar Liv AB which has a risk and health product bias.

The Waard Group, a Netherlands-based Group comprising three closed book insurance companies and a servicing company, was acquired on 19 May 2015 for EUR69.9m. The Waard Group, comprising Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. was previously owned by DSB Beheer B.V., a Dutch financial services Group. The policy base of the Waard Group is predominantly term life policies, with some unit linked policies and some non-life policies.

On 5 April 2017 Chesnara completed its acquisition of Legal & General Nederland Levensverzeikering Maatschappij N.V. ('LGN') for EUR161.2 million. The LGN business which is being renamed Scildon, is in the Dutch life assurance market, and as with our Swedish subsidiary Movestic, Scildon will be writing protection and pension new business.

Further details are available on the Company's website (www.chesnara.co.uk).

This information is provided by RNS

The company news service from the London Stock Exchange

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May 18, 2017 02:01 ET (06:01 GMT)