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
  -3.00p -0.75% 395.00p 396.50p 397.00p 402.00p 396.50p 398.00p 54,122 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 653.2 40.7 27.7 14.3 591.71

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Date Time Title Posts
19/11/201512:33CHESNERA-Investor's chronicle tip for income seekers.13
23/11/200716:37Chesnara, xd. 01/04/05 fin. div. 7.1p, paid 29/04/05167
04/10/200517:38A screaming bargain3

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Chesnara (CSN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-02-19 16:52:09397.998003,183.90O
2018-02-19 16:35:04395.00181714.95O
2018-02-19 16:35:00395.003,51213,872.40UT
2018-02-19 16:28:50396.5061241.87AT
2018-02-19 16:28:50396.501351.55AT
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Chesnara (CSN) Top Chat Posts

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 398p.
Chesnara has a 4 week average price of 375.50p and a 12 week average price of 344.50p.
The 1 year high share price is 419.75p while the 1 year low share price is currently 331p.
There are currently 149,799,721 shares in issue and the average daily traded volume is 84,813 shares. The market capitalisation of Chesnara is £591,708,897.95.
speedsgh: PHNX share price is still holding steady so this fall is currently looking specific to CSN. Maybe news leaking re Countrywide Assured investigation but they did state in the interims that they did not expect the outcome of the investigation to have a material impact... "The investigation into how Countrywide Assured disclosed exit fees to customers, initially announced on 3 March 2016, is ongoing. We have provided the FCA with all information requested. Discussions are ongoing and given the narrow scope of the investigation we retain our opinion that the outcome from the investigation should not have a material impact on the company."
speedsgh: CSN directors rarely buy in the open market but previous buys by the former CEO (Graham Kettleborough), though not very large, were pretty good indicators of when he thought the share price was oversold. Remains to be seen if the current CEO (John Deane) is as astute with his timing as his predecessor, if indeed he ever gets round to buying any shares! HTTP://
maddox: Hi Guys, Reading the runes..... The dividend yield is already generous and forecast increases are pretty mediocre, particularly so in view of the obvious cash accumulation. What is also crystal clear is that management have an alternative use for that cash - further acquisitions. This comes through as the primary business objective loud and clear. It is from acquisition, consolidation and cash extraction that we can expect to see share price progress. This strategy comes with a measure of uncertainty as to attractive targets being available, pricing and execution risk. In the meantime, we have that very attractive current yield to compensate us. So, nice yield and capital growth on offer - gets my vote. Regards, Maddox
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.
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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