Share Name Share Symbol Market Type Share ISIN Share Description
Chesnara LSE:CSN London Ordinary Share GB00B00FPT80 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.75p +0.46% 383.00p 379.75p 381.00p 387.00p 373.25p 384.75p 64,497 16:35:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 282.7 42.8 31.5 12.2 573.50

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Date Time Title Posts
19/11/201512:33CHESNERA-Investor's chronicle tip for income seekers.13.00
23/11/200716:37Chesnara, xd. 01/04/05 fin. div. 7.1p, paid 29/04/05167.00
04/10/200518:38A screaming bargain3.00

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Chesnara Daily Update: Chesnara is listed in the Life Insurance sector of the London Stock Exchange with ticker CSN. The last closing price for Chesnara was 381.25p.
Chesnara has a 4 week average price of 340p and a 12 week average price of 331p.
The 1 year high share price is 396.25p while the 1 year low share price is currently 248.25p.
There are currently 149,738,226 shares in issue and the average daily traded volume is 114,250 shares. The market capitalisation of Chesnara is £573,497,405.58.
jonwig: JoA - thanks for your response. I expect my views to be challenged - you only invest successfully if you avoid mistakes, so I'm happy to have mine pointed out. The only factually incorrect thing you say is that I support CSN management. I'll leave that to the end. I have two brokers, one advisory, and I've discussed the way things work with him, though not CSN. The admin costs for rights offers are very high, with a fixed cost element. 3% is typical, and for a small AIM rescue issue I've seen figures around 10%. (Can't cite, sorry.) Think prospectus, underwriting, admin of take-up, sale of surplus and payment back. A non-pre-emptive placing is cheapest: fund managers expect a phone call and know in advance how many shares they are willing to take. The top three own 26m shares between them, and I expect the next ten down would cover it. A private investor with 100,000 might get a call if his name was on the register. It's all sorted by lunchtime. Why that particular structure of the fundraising? As I said, they wanted to raise more than the rules permit, hence the open offer (cheaper than a rights issue). Why not raise more debt? I think that's simple - an insurance company has minimum capital requirements and the higher the gearing, the greater the requirement as a proportion of equity. hence the riskier the shares, and the CSN boss said he wanted CSN to be the safest company in a portfolio. I'm sure the company actuary and the FD looked very closely at the balance of funding here. Why not less debt, and more shares? Well, as I said, the share price was pretty droopy at the time of the issue. They were probably warned against it. So we can agree to differ on the structure of the issue. What I don't accept is that I'm a supporter of management. I'm simply being realistic about the way the City works and the underlying rules. For what it's worth, I think city fees are far too high, but I don't think that will change in my lifetime. The government are desperate to retain City jobs (think of all the tax) and won't dream of acting, though Corbyn might! If every IPO and fundraising were made to the whole public or shareholder base, charges would be higher, and these frictional costs would be reflected in higher charges for all of us.
jonwig: OK, I'll make myself unpopular. There's a limit (usually 15%) to the number of new shares a company can issue non-preemptively. Had CSN wanted to raise only a bit less, there would have been no open offer and small holders wouldn't have had a look in. The fact that they wanted to raise not much more explains the small percentage allocation. Second, an open offer to all holders is far more costly than an institution only one, as it involves the production of a prospectus and a great deal of admin work. With institution-only the job can be done in a morning with a few phone calls at negligible cost to the company. Third, the 'city boys' are share funds and pension funds, not individuals. You can be certain that the placing was made to these and not to 'city slickers'. If they sell to make a quick profit, the share price will fall, liquidity will improve and small shareholders can add to their holding. Last, why the fundraising at 300p? The fact that it's now over 330p clouds the judgment. It was 309p at the time of the offer, it's dropped twice to 300p in November and was below 300p up to August. And the placees were taking a risk by promising to take the shares in a volatile market and a volatile share price. The reward is for the risk. By the way, this was not a rights issue.
lord gnome: I suspect that recent share price weakness is in anticipation of a fund raising to pay for the LGEN Dutch arm. Could be a good buying opportunity coming up. I shall be keeping some cash spare, just in case.
jonwig: H1 results - profitability impacted by "a reduction in the yield curve" - similar to PHNX a week ago. This shouldn't affect the share price unduly, as it ought to have been expected. Outcome of FCA investigation into exit charges still awaited - it looks as though they don't expect too big an impact. Solvency ratio holding up well, and look at Waard (584%) - they had a bargain there. Considering their principal business is managing closed life funds, new business written in Sweden is their most profitable area! Economic Value up a bit to 363p/sh - essentially what they used to report as EEV. A decent hold, in my view.
ramridge: The worst case scenario for CSN is they incur disciplinary actions in the form of fines, and they have to compensate past policyholders for any losses. Putting this in £££; is very difficult as FCA fines have escalated due to political pressure, and political correctness and the compensation process tends to take several years, depending on the number of people affected. However, the best scenario is that the FCA finds any breach to be minor and CSN gets only a slap on the wrist. The share price has already fallen 16% since yesterday as I write. My personal feel is that anything lower than a 20% drop is overdone and will be a buying opportunity All IMHO and please DYOR
jonwig: Lord G - I think it works only if genuine holders panic and sell their few thousand in response. Chairman20 is right that it's "derampers", but they aren't using words, they're using the share price. The evidence doesn't suggest it's working here.
lord gnome: Well-spotted jonwig. Death by a thousand bots this afternoon. No real volume however, and not rapid enough to put a big dent in the share price, so I doubt we'll get a big dip today.
jonwig: IC tips "BUY" this morning. Summary: Chesnara's business model is designed to weather the ups and downs of yields and sentiment and the ability to write new business provides an income stream in quiet periods for acquisitions. Chesnara's shares trade at a 7 per cent discount to forecast 2015 embedded value, which looks attractive, and at less than 14 times next 12 months' earnings they are below the three-year historic average rating. We think the low valuation, coupled with the improved acquisition opportunities following the Dutch deal, will pave the way for share price upside, which should be coupled with Chesnara's trademark bumper yield and ongoing dividend growth. Buy. Last IC view: Buy, 350p, 31 Mar 2015.
speedsgh: Confession - I am no great chartist so the following are just my personal musings... Long term chart certainly looks interesting. It's had a couple of failed attempts at breaking the c360p barrier since the start of the year. Looks like that could possibly be the ceiling for now providing strong resistance. It has started to post lower highs/lows since the high in Sept + looks like it could be ready soon to let off some steam after an impressive rise from c155p in Q2 2012. Has tracked largely sideways this yr but in a quite a wide range (280-360p). 50% retrace would take it back down to c260p which happens to be strong historical support from the high of the previous run up (Q4 2008 - Q1 2011). If CSN were to join in a Santa Rally, that might provide the impetus to regain ground + have a third crack at breaking through the ATH resistance. Possible successful break to new highs in Q1 2015 but would still expect the trend to then turn down at some point in H1 2015. Fundamentally the business seems sound (holding CSN is more often than not reassuringly unspectacular) + the dividend should provide fairly decent support in a continuing low interest rate environment. It just looks like it's had a very good run on the long term chart + is probably due a period of weakness. Hopefully the above is proved to be nonsense + the share price gallops off in to the distance. Would be interested to hear others' views.
speedsgh: Can't see why the termination of discussions re the merger of Phoenix + Swiss Re's Admin Re Business Unit should have any impact on the CSN share price. The current share price movements are no more than usual daily fluctuations imo.
Chesnara share price data is direct from the London Stock Exchange
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