Hardman & Co Research / GB00B00FPT80

Hardman & Co Research on Chesnara plc (CSN): Landing the big one
  After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK). At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Tier 2 bond issue) and drawing down from a newly increased revolving credit facility. The rights issue should complete by 23 July 2025, with deal completion in early 2026. There is a one-off additional uplift to the dividend per share (adjusted for the rights issue) of 6%, which will apply to the 2025 final and 2026 interim dividends.   Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/csn-landing-the-big-one/   If you are interested in meeting the company, you can register your interest by clicking on the above link.

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