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ESUR Esure

279.60
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Esure LSE:ESUR London Ordinary Share GB00B8KJH563 ORD 1/12P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 279.60 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
279.40 279.80
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 279.60 GBX

Esure (ESUR) Latest News

Real-Time news about Esure (London Stock Exchange): 0 recent articles

Esure (ESUR) Discussions and Chat

Esure Forums and Chat

Date Time Title Posts
05/4/201920:43Calm Down Dear, its just an IPO983
27/3/201307:22Esure - Calm down dear its only a IPO1

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Esure (ESUR) Most Recent Trades

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Esure (ESUR) Top Chat Posts

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Posted at 05/4/2019 20:43 by topvest
FY18 annual report. ESURE made a loss in FY18. On reflection, I think we got a reasonably good deal with the offer. The share price would have tanked big-time, given the circa. £100m deterioration in profitability year on year. I suspect it's partly taking a prudent position for their new owner, but even so its an awful looking set of results.
Posted at 02/12/2018 10:01 by speedsgh
Update on Recommended Cash Acquisition -

Next steps and timetable

The Scheme remains subject to sanction by the Court at the Scheme Court Hearing (expected to take place on 17 December 2018), the delivery of a copy of the Court Order to the Registrar of Companies and the satisfaction (or, where applicable, the waiver) of the other Conditions to the Scheme (as set out in the Scheme Document). Subject to the Scheme receiving the sanction of the Court, the delivery of a copy of the Court Order to the Registrar of Companies and the satisfaction or, where applicable, the waiver of the other Conditions, the Scheme is expected to become effective on 19 December 2018.

The expected timetable of principal events for the implementation of the Scheme is set out below. If any change to the key dates and/or times set out in the timetable are made, esure and Bidco will give notice of this change by issuing an announcement through a Regulatory Information Service and by making such announcement available on esure's website at hxxps://www.esuregroup.com/investors.


Event -- Time and/or date(1)

Scheme Court Hearing -- 17 December 2018
Last day of dealings in, and for registration of transfers of, Shares -- 18 December 2018
Scheme Record Time -- 6:00 p.m. on 18 December 2018
Suspension of dealings in and disablement in CREST of Shares -- 6:00 p.m. on 18 December 2018
Effective Date and time of the Scheme -- By 8.00 a.m. on 19 December 2018
Cancellation of listing of Shares -- By 8.00 a.m. on 19 December 2018
Latest date for despatch of cheques and crediting of CREST accounts for cash consideration due under the Scheme -- 2 January 2019
Long Stop Date -- 14 February 2019
Posted at 16/8/2018 23:29 by masurenguy
"UBS upgraded Esure to 'neutral' from 'sell' and hiked the price target to 280p after the insurer agreed to be bought by private equity firm Bain Capital for 280p a share, as it said there is a high probability of deal success. The bank pointed out that the deal has support from key shareholders controlling nearly 48% of the shares and said there is limited scope for a counter-bid, give an implied 14x 2019E earnings per share valuation, which is at the upper end of the peer group. In addition, it noted limited anti-trust concerns as this appears to be Bain's first investment in the UK insurance market.

Should 75% of shareholders be supportive, UBS estimated that the deal could be finalised by early December 2018. If the transaction receives 50-75% support, which it views as unlikely given the support of key shareholders, it would expect completion in early January. UBS said Esure's first-half results, which were announced alongside the Bain deal, were weaker than expected, with pre-tax profit 8% below consensus, mostly due to weather losses. However, it said the positive for the market was that as prices slowed, Esure slowed growth somewhat, maintaining a relatively stable gross motor premium year-on-year despite claims deflation." Source: Barclays 16/8/18
Posted at 15/8/2018 12:14 by speedsgh
Early bonus for Esure investors, says Hargreaves -

Esure (ESUR) shareholders will see the benefits of improvements at the insurer earlier than expected following a £1.2 billion offer from Bain Capital, says Hargreaves Lansdown.

While the insurer yesterday reported a 20% fall in first-half profit before tax, investors were still basking in the glow of Tuesday’s 280p-per-share offer from Bain Capital.

The shares were trading at 277.4p yesterday, up 35% since the start of the week.

Analyst Nicholas Hyett said the offer’s ‘sizeable premium to market price’ meant ‘Esure will in all likelihood be leaving the stock market soon’. ‘With scope to improve the Esure and Shelia’s Wheels brands, as well as further improvements in underwriting, we can see the attractions for Bain,’ he said.

‘For shareholders, the deal means the benefits of those improvements will be landing in bank accounts a little earlier than expected.’
Posted at 14/8/2018 23:51 by masurenguy
"The insurance entrepreneur Sir Peter Wood is staying on as chairman of Esure and taking a £50m bet on the future of the company he founded as it confirmed it had agreed to accept a £1.2bn offer from Bain Capital, the private equity investor. Sir Peter is selling most of his 31% stake, taking £310m in cash, but in a deal exclusively arranged for him, will roll over £50m of his investment into shares in the private holding company created to own Esure in future. The independent directors of Esure recommended that shareholders accept the offer, which has been structured as a scheme of arrangement, requiring 75% shareholder approval. Toscafund, the private equity group that owns 17% of the business, has also undertaken to accept the offer, which represents a 37% premium to the price prevailing just before talks were revealed. Other leading investors are Investec, Jupiter and Miton."

Complete article:
Posted at 13/8/2018 17:15 by masurenguy
Looks like Wood is happy to exit at 280p !

"The 280p-a-share offer is yet to be formally made, but esure has said it is in “advanced negotiations” with Bain and would be “minded to recommend" the bid, assuming it is made on those terms. The offer hasn’t been formalised just yet, but esure, which is due to report its half-year results tomorrow, said the two parties are in “advanced stages” of negotiations.

Should Bain follow through with its proposal, it would represent a 37% premium to Friday’s closing price of 204p. “The board of esure has indicated to Bain Capital that it would be minded to recommend a firm offer for esure if made by Bain Capital at the price set out in the proposal,” read a brief stock exchange statement. Bain has until 5pm on September 4 to either announce a firm intention to make an offer or withdraw from the process altogether."

www.proactiveinvestors.co.uk
Posted at 13/8/2018 11:16 by speedsgh
Seeing as the share price was a smidge over 300p just 12 months ago, not convinced that 280p would be a full value but the offerer is of course taking advantage of the weak share price which has been in a consistent downtrend since last summer. Having said that ESUR is not a core holding for me so I would be minded to accept 280p & move on. All the better of course if competition were to emerge but won't be holding my breath.
Posted at 13/8/2018 10:07 by masurenguy
Ha - I've been holding on waiting for a bid to materialize here. Would be quite happy if a deal went through @280p !

13 August 2018
esure Group plc

Possible Offer

The Board of esure Group plc ("esure" or the "Company") notes the recent movement in its share price and confirms that, having received an unsolicited proposal from Bain Capital Private Equity, LP and its affiliates ("Bain Capital"), it is in the advanced stages of discussing a possible offer for the entire issued and to be issued share capital of the Company by Bain Capital. Following discussions and a period of due diligence, Bain Capital has submitted a proposal to acquire all of the issued and to be issued shares of esure at 280 pence per share in cash (the "Proposal").

The Proposal represents:

-- a premium of approximately 37 per cent. to the closing share price of 204 pence on 10 August 2018 (being the last business day prior to this Announcement);

-- a premium of approximately 40 per cent. to the one month volume weighted average price of 199 pence per esure Share to 10 August 2018; and

-- a premium of approximately 29 per cent. to the three month volume weighted average price of 216 pence per esure Share to 10 August 2018.

The Board of esure has indicated to Bain Capital that it would be minded to recommend a firm offer for esure if made by Bain Capital at the price set out in the Proposal, subject to the agreement of terms relating to the Proposal.

esure is a UK registered company and any bid for esure is governed by the Code. Under Rule 2.6(a) of the Code, Bain Capital must by not later than 5.00 p.m. on 10 September 2018, either announce a firm intention to make an offer for esure in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

There is no certainty that an offer will be made for the Company. Bain Capital expressly reserves the right to:

a) make an offer at any time on reduced terms:
(i) with the agreement or recommendation of the Board of esure;
(ii) if a third party announces a firm intention to make an offer for esure pursuant to Rule 2.7 of the Code at a lower price than the Proposal;

(iii) if esure announces, declares or pays any dividend or any other distribution to shareholders, in which case Bain Capital reserves the right to make an equivalent reduction in its offer terms; or

(iv) following an announcement by esure if a whitewash transaction pursuant to the Code; and

b) introduce other forms of consideration and/or vary the mix or composition of consideration of any offer.

This announcement is being made with the consent of Bain Capital.
Posted at 26/7/2018 15:45 by saltaire111
Interesting and very positive movement in the share price today. But surely this is more about market-makers seeing that the price is undervalued?
Posted at 04/5/2018 08:48 by speedsgh
Esure numbers reflect insurance trends, says Hargreaves -

Esure (ESUR) has seen policy numbers rising and the insurer shouldn’t be too concerned about price competition from comparison sites, says Hargreaves Lansdown.

Results from the insurer showed in-force policies rose 9.2% in the first quarter, driven by motor insurance, and premiums rose 18% thanks to an improving price environment. Analyst Nicholas Hyett said the numbers reflected more general insurance trends.

He said insurers would be hoping for a milder rest of the year after the Beast from the East blew ‘a great big hole in weather contingencies’ and any further flooding, storms, or a cold winter ‘all have the potential to seriously dent profits’.

While motor insurance is healthy, it is being offset by competition in home insurance market.

‘If big players are standing firm on pricing, then competition at the lower end of the market must be fierce indeed - price comparison sites strike again,’ said Hyett.

For Esure, underwriting is not a major contributor to group profits and as service revenues grow ‘a punch-up at the bottom end of the market is unlikely to bother Esure too much’.

The shares rose 1.2% to 226.4p yesterday.
Esure share price data is direct from the London Stock Exchange

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