Chesnara Share Discussion Threads

[honiton] 09/2/2006 19:47

bought in today on that understanding. results beginning of march...

[rafieh] 09/2/2006 17:37

Moving towards all time high on good volumes. If it breaks through 175p, it can easily get to 200p zone in no time.

[honiton] 31/1/2006 21:03

Any c omments on this gem of a share??

[honiton] 28/1/2006 16:50

Interesting:-

current investments: TNN, TSCO
past glories: CRM, VDY, BSY
past follies: JLT, IMG

[tipodochus] 25/1/2006 17:16

Big volume today and a decent price jump.........any ideas?

Tipo

[oniabsta] 01/11/2005 14:09

Yes i hold too, but very recently stocked up with a load more...perfect timing it seems

[win2003] 01/11/2005 12:27

Might be selling post-dividend, which has then been triggering automatic sales based on a dropping price which then trigger further ones based on an even lower trigger price - the sort of runaway-train I referred to above. Now normality has set in, I guess the price will recover.

I hold, DYOR, etc

[oniabsta] 01/11/2005 11:54

Phewwww!! thanks win2003 i think i've grasped it :-)
But the real question is why so much selling, which presumably caused this.

[win2003] 01/11/2005 11:23

Sorry, oni, that was the Humphrey Appleby version. basically, if the auction deviates beyond preset limits from the level following automatic trades, they can have another go to get it 'right'. Sometimes automatic trades can be like a runaway train, which is why they are suspended if a price rises/falls more than 10% and an auction called to settle the price - the percentage rule can differ according to the exchange or type of stock.

Purists please don't attack this crude summary, refer to the post above!

[getscenic] 01/11/2005 11:15

see it's simple oniabsta :)

[win2003] 01/11/2005 10:53

The auction call period is subject to extension in certain circumstances. Should there be a significant price movement away from the last automated traded price which would cause the auction price to reach the determined price limits, a price monitoring extension of two minutes will be added to the normal auction call time period. In the event that market orders would be left unexecuted were the crossing algorithm to run at the end of the auction call a market order extension of two minutes will be implemented. London Stock Exchange members will be able to enter additional orders and delete and amend existing ones. Only one price monitoring extension and one market order extension may be applied per auction, however, the two can occur consecutively in either sequence and both will be subject to a random end time of 0-30 seconds.

[oniabsta] 01/11/2005 08:06

anyone understand whats going on with this price monitoring extension - what does it mean ?

[heidigynne] 05/10/2005 19:34

Highlights;

Chesnara plc - Interim Results for six months ended 30 June 2005

Strong emerging surplus and solvency position support dividend increase

City of Westminster acquisition offers significant benefits to shareholders

For immediate release

5th October 2005

Chesnara, the closed life business, today reported interim results for the
first half of 2005. Chesnara is committed to offering shareholders an
attractive, long term income stream arising from the profits from its life
assurance businesses.

* Profit (on IFRS basis) on ordinary activities before taxation for the six
months to 30 June 2005 of £4.2m, 3.81p per share (2004 half year loss
before tax: £(5.6)m, (5.18)p per share)

* Purchase of City of Westminster Assurance for £47.8m offers significant
merger synergies and increases stability and longevity of income stream

* Exceptional Achieved Profit result underlines attraction of acquisition
strategy

* Prudent increase of provision for mortgage endowment misselling by £3.9m
(£2.7m net of tax)

* Persistency continues to improve

* Embedded Value (pre interim dividend payment) now £180.9m (2004: £144.7 m),
with strong NAV backing of £52.6m

* Combined capital resource cover ratio remains strong at 186% (CA 2004:183%)

* 4.9p interim dividend per share declared (4.75p): increased by 3.2%

* Board optimistic about future dividend flows

Link;




AFX Interview;

Chesnara turns in stronger H1, targets further acquisitions UPDATE
(Adds analyst reaction)
LONDON (AFX) - Closed life fund consolidator Chesnara PLC turned in better
than expected half-time profits, and said it was on the lookout for acquisitions
as the closed life sector continues to consolidate.
Chesnara, created to manage the closed life books of insurer and estate
agency Countrywide PLC, said achieved operating profits before tax and
exceptionals for the six months to June 30 came in at 2.9 mln stg, from a loss
of 13.5 mln stg a year earlier, and ahead of the 2.6 mln stg pencilled in by
house broker Numis Securities.
The improvement was driven by better investment returns and by cost
reductions which the group achieved by outsourcing the bulk of its back-office
functions in February. Chesnara also benefited from lower provisions against
endowment mis-selling, which fell to 3.9 mln stg from 22.6 mln stg in the same
period last year.
Chesnara chief executive Graham Kettleborough said the company, which in May
bought the closed life books of Irish Life & Permanent PLC for 47.5 mln stg, was
keen to buy up more closed life assets to shore up its position as one of the
leading players in a rapidly-consolidating market.
"We are talking to a number of people, although there is nothing in the
offing at the moment. The market has changed in the last couple of years - all
the distress sales have happened, and it's now a case of being a hunter rather
than a gatherer," he told AFX News.
Closed life fund companies such as Chesnara specialise in buying and
managing life and pension funds that have been closed to new customers, and
simply make payments to existing policyholders. Traditional insurers, battered
by the stock market downturn of 2000-2003, have sold off many such funds over
the past two years.
Chesnara is competing with the likes of Resolution PLC and privately-owned
Life Company Investor Group to acquire the remaining closed life assets that are
up for sale.
Kettleborough added that he did not at this stage expect any impact from
controversial proposed changes to the tax regime for life assurers, unveiled
last Thursday by the Treasury. Legal & General PLC has warned that the move
could leave it facing a one-off tax bill of up to 500 mln stg, while Resolution
has said that it might also be affected.
The Chesnara chief executive said that with outsourcing now completed,
future improvements would come through investment performance, and further
acquisitions. He also signalled that while the group remains exposed to
potential endowment compensation costs, these will diminish as more
policyholders pass the deadline by which a complaint must be made.
"Within 18 months, we believe the issue will have gone away," he said.
Chesnara administers about 85,000 endowment policies, the bulk of them
inherited from Countrywide.
Many endowment policies, aimed at generating enough cash to pay off a
mortgage over the lifetime of the loan, have underperformed, leaving homeowners
facing a cash shortfall. Several UK banks and insurers have been forced to
compensate endowment policyholders who claim that they were not warned at the
point of sale that the investment might not generate the required sum.
Chesnara set an interim dividend of 4.9 pence per share, up 3.2 pct year on
year, and said it was confident of delivering further dividend increases.
Excluding the payout, the group's embedded value rose to 180.9 mln stg from
144.7 mln stg a year earlier, driven by the Irish Life acquisition.
Analysts at Panmure Gordon retained their "buy" recommendation and 190 pence
price target on Chesnara shares.
Under International Financial Reporting Standards, interim pretax profits
stood at 4.2 mln stg, up from a restated loss of 5.6 mln stg during the same
period last year.
Chesnara shares were down 3/4 of a penny at 168-1/4 by 10.00 am.
[e-mail]
mn/ra

COPYRIGHT

Copyright AFX News Limited 2005. All rights reserved.


rgds., H

[heidigynne] 04/10/2005 18:41

OUTLOOK Chesnara on course for stronger H1



LONDON (AFX) - Chesnara PLC, the closed life fund operator, is expected to
turn in stronger interim results on Wednesday, as the impact of hefty endowment
mis-selling claims last year fades.
House broker Numis Securities looks for achieved operating profits before
tax of 2.6 mln stg, up from a loss of 13.5 mln stg in the same period last year.
The anticipated improvement reflects a view that Chesnara will set aside
less cash to cover possible endowment mis-selling claims than it did in the same
period last year, when it made provisions totalling 22.6 mln stg.
However, with the total number of endowment mis-selling complaints still
rising, the company's stance on future provisioning is likely to come under
scrutiny.
The company, which in May bought City of Westminster Assurance for 47.5 mln
stg, is also likely to be quizzed over whether it plans further acquisitions as
the consolidation of the closed life fund sector accelerates.
Chesnara is competing with the likes of Resolution PLC and entrepreneur Hugh
Osmond's Life Company Investor Group to buy up closed life funds, which do not
take on new customers and simply make payments to existing policyholders.
The company, created to manage the closed life books of insurer and estate
agency Countrywide, will also be questioned over whether it expects any impact
from controversial proposed changes to the tax regime for UK life insurers.
Legal & General Group PLC has said it could face a tax bill of up to 500 mln
stg, while Resolution has said it might also be affected.
mn/bam

COPYRIGHT

Copyright AFX News Limited 2005. All rights reserved.

The copying, republication or redistribution of AFX News content, including by
framing or similar means, is expressly prohibited without the prior written
consent of AFX News.

AFX News and the AFX Financial News logo are registered trademarks of AFX News
Limited


rgds., H

[heidigynne] 04/10/2005 18:38

OUTLOOK Chesnara on course for stronger H1



LONDON (AFX) - Chesnara PLC, the closed life fund operator, is expected to
turn in stronger interim results on Wednesday, as the impact of hefty endowment
mis-selling claims last year fades.
House broker Numis Securities looks for achieved operating profits before
tax of 2.6 mln stg, up from a loss of 13.5 mln stg in the same period last year.
The anticipated improvement reflects a view that Chesnara will set aside
less cash to cover possible endowment mis-selling claims than it did in the same
period last year, when it made provisions totalling 22.6 mln stg.
However, with the total number of endowment mis-selling complaints still
rising, the company's stance on future provisioning is likely to come under
scrutiny.
The company, which in May bought City of Westminster Assurance for 47.5 mln
stg, is also likely to be quizzed over whether it plans further acquisitions as
the consolidation of the closed life fund sector accelerates.
Chesnara is competing with the likes of Resolution PLC and entrepreneur Hugh
Osmond's Life Company Investor Group to buy up closed life funds, which do not
take on new customers and simply make payments to existing policyholders.
The company, created to manage the closed life books of insurer and estate
agency Countrywide, will also be questioned over whether it expects any impact
from controversial proposed changes to the tax regime for UK life insurers.
Legal & General Group PLC has said it could face a tax bill of up to 500 mln
stg, while Resolution has said it might also be affected.
mn/bam

COPYRIGHT

Copyright AFX News Limited 2005. All rights reserved.

The copying, republication or redistribution of AFX News content, including by
framing or similar means, is expressly prohibited without the prior written
consent of AFX News.

AFX News and the AFX Financial News logo are registered trademarks of AFX News
Limited


rgds., H

[acceleratedalf] 14/8/2005 23:24

Note this company runs closed book life assurance. At the moment I believe most of these contracts have a limited lifetime (8 years?) so it's not as though the yield is guaranteed for that long. However, could be a takeover target itself. For now, yield is secure and costs have been cut by outsourcing.

[oniabsta] 28/7/2005 09:00

Panmure says buy Chesnara (175p price target)

[diogenesj] 15/7/2005 13:40

Nice indeed. It seems that UBS and Allianz were being no cannier than usual.

[tole] 15/7/2005 11:50

Moving up nicely ;)

[diogenesj] 26/6/2005 11:31

Well, you are usually right, LO. But I can't say that I have ever thought of UBS and Allianz as particularly canny investors.

[lord orphan] 23/6/2005 15:49

The embedded value of this stock is about 168p per share following the Irish Life deal. Why would anyone pay 187p. That would be like buying a property company at a premium to NAV. The canny investors are now selling this stock. See the recent announcements from UBS and Allianz.

[bg23] 23/6/2005 09:09

was told to fill my boots with these a while ago, unfortunately ignored the advice. it appears that these are set to continue to benefit from bid rumours, but also will likely be bid as they can be used as a proxy exposure until britanic is relisted.
for the sake of openness,i did buy yesterday at 150.

[oniabsta] 23/6/2005 08:36

The Express suggests that Hugh Osmond is considering making a £1.87/share move for Chesnara, against the close yesterday of £1.535

[diogenesj] 16/6/2005 10:40

Well done, js. PCF appears to be teetering on the edge of bankruptcy. Your prize is a date with Hugh Osmond.

[shirishg] 16/6/2005 09:50

Post removed by ADVFN