Rsa Insurance Group Ld Share Discussion Threads

[squeamish1] 25/5/2021 18:41

Will de-list at the end of the week. It’s only taken six months. RIP a FTSE100 veteran destroying shareholder value for decades with a slight turnaround under Hester. I won’t miss it terribly.

[squeamish1] 15/4/2021 17:10

At current price no arbitrage available on these after stamp duty, must imply completion imminent

[fenners66] 17/3/2021 11:06

Update

"Danish insurer Tryg AS said Thursday that the Danish Competition and Consumer Authority has approved Intact Financial Corp.'s acquisition of RSA Insurance Group PLC's business outside Norway and Sweden, including the acquisition of sole control of RSA's Danish business placed in Codan AS. "

[fenners66] 17/3/2021 10:49

Anyone know why the mini jump this morning?
New info ?
A date set for the transaction?

[squeamish1] 26/2/2021 10:36

Based on today's results I'm not sure the share price would be much lower if the bid had never come. Hester has finally turned the thing around and sold 12-18 months too early imho.

[robers98] 18/1/2021 16:29

Voting results of the Court Meeting

The table below sets out the results of the poll at the Court Meeting. Each Scheme Shareholder, present in person or by proxy (in each case, remotely via the Virtual Meeting Platform), was entitled to one vote per Scheme Share held at the Voting Record Time.


Results No. of Scheme % of Scheme No. of Scheme % of no. No. of Scheme
of Court Shares voted Shares Shareholders of Scheme Shares voted
Meeting voted* who voted Shareholders as a % of
who voted* the Scheme
Shares eligible
to be voted
at the Court
Meeting*

For 594,634,936 99.33% 4,041 91.80% 57.44%
-------------- ------------ -------------- -----------------

Against 4,006,940 0.67% 361 8.20% 0.39%
-------------- ------------ -------------- -------------- -----------------

Total 598,641,876 100% 4,402 100% 57.82%
-------------- ------------ -------------- -------------- -----------------

[winsome] 12/1/2021 09:05

Anyone care to speculate on the chancess of the new owner redeeming the prefs at par? You can read the terms at hxxps://www.rsagroup.com/media/4056/cumulative-prefs-listing-particulars.pdf

in 4.(i) the shares will not be redeemable.

however 4.(iii) On a return of capital (otherwise than a winding up...) the holders shall be entitled to receive an amount equal to a nominal amount plus all arrears and accruals)

Doesn't seem entirely black and white to me. If they try to redeem at par once the takeover goes through then I assume the same furore would arise as it did with Aviva a few years back.

[geminian] 23/12/2020 17:43

Not that the amount of shares I hold will make any difference to the outcome, have voted against the sale of RSA.

[kirkie001] 18/11/2020 12:53

I'm right in thinking that XD for the 8p dividend has passed? So we can sell and (after today's announcement) are assured of getting it?

[winsome] 18/11/2020 10:50

I wonder if the new owners will dare try to redeem the prefs near par value in the near future. I hold a bunch.

[squeamish1] 18/11/2020 09:47

Mute swans exist but there is no such thing as a 'mute point'...

As regards the offer think rival bid now the Board has approved is very slim. Takeover at this premium due to how the geographic profile of RSA fits the buyers. Expect Denmark to be immediately sold on once the bidders take joint control.

Gap between current price and takeover now just reflects time value of money

[fenners66] 18/11/2020 09:05

any chance of a rival bid emerging?

[robers98] 18/11/2020 08:35

Offer recommended by the board.

[loganair] 06/11/2020 17:03

Hargreaves Lansdown equity analyst William Ryder acknowledged the bid’s substantial premium to RSA’s prevailing share price, but pointed out that the premium to its ‘pre-CovidR17; high watermark above 580p in February was more marginal.

‘The offer seems more than reasonable to us, although investors will be hoping another bidder comes in to jack up the price,’ he said.

[loganair] 05/11/2020 22:35

e2 - I actually meant to use the word "mute", meaning it is a point we can be now silent about as I did not think we need to go over this ground anymore and I just mentioned the point in the first place for a point of shared reference.

[ekon2] 05/11/2020 22:14

loganair..thanks..interesting
p.s. it's a "moot" point as it goes.

[squeamish1] 05/11/2020 21:31

Well done all holders, this stock should have been so much more but the previous directors almost bankrupted it through terrible management.

I was holding through the Ireland debacle in 2013 and participated in the subsequent rights issue. It's been a disappointment but always knew a takeover would come. Will be sorry to see it leave the portfolio, it felt like Hester had finally turned it around and got a very decent core franchise with sensible reinsurance cover - but we knew that when he came in he'd get it back to strength then flog it. Decent premium to NAV anyway.

[loganair] 05/11/2020 21:24

look - I know its rather a mute point now, however as far as I understood at the times Zurich offered 525p and the RSA management would not recommend the offer unless it was for 600p.

Then Zurich came back saying because of their difficulties in the Far East they couldn't offer any more then 525p so they walked away.

[mo123] 05/11/2020 21:09

Jefferies analysts said the offer price represented “more than fair value.”

[lookagain] 05/11/2020 20:41

loganair..... From memory RSA didn't turn down the offer, but during it's takeover bid, Zurich learned it had difficulties in the far east and then pulled it's offer.

[loganair] 05/11/2020 18:22

The Proposal comprises 685 pence in cash per RSA share, plus payment by RSA of the announced interim dividend of 8 pence per share (the "Interim Dividend").

[fenners66] 05/11/2020 18:06

surely the offer is 685 and they get the dividend ?
Surprised how little interest is being shown here though....

[loganair] 05/11/2020 17:13

The Board of RSA has indicated to the Consortium that it would be minded to recommend the Proposal,

[loganair] 05/11/2020 17:06

I consider this to be an exceedingly good offer a total of 693p.

The 20 year high for RSA is 681p on 25th June 2018.

A few years back Zurich made an offer of 525p for RSA which RSA management turned down saying they're looking for an offer of 600p which Zurich walked away from. It seems to me RSA management were rare in that after turning down the Zurich offer their share price rose to well above the offer as for many companies after turning down an offer often the share price falls significantly then remains at the lower price.