02 Dec 2010 | 12:00 am |
International law firm Pinsent Masons has advised Collins Stewart Europe Limited and Panmure Gordon (UK) Limited as joint bookrunners and joint corporate brokers in relation to Chesnara plc's placing of ordinary shares and treasury shares, raising gross proceeds of approximately £26.7 million. The proceeds of the placing are intended to be used by Chesnara to part fund the acquisition of the Save & Prosper Group from JP Morgan Asset Management Marketing Limited for £63.5 million.
Chesnara plc is a consolidator of life assurance and pensions businesses in the UK and Western Europe and is listed on the main market of the London Stock Exchange. Chesnara was established as part of the £545 million demerger of the former Countrywide Assured Group in May 2004, in relation to which Pinsent Masons advised both Chesnara and Countrywide.
The Pinsent Masons team advising Collins Stewart and Panmure Gordon comprised corporate partners Andrew Black and Alison Starr and senior associate Iain Butler. Ashurst advised Chesnara on the acquisition and the fundraising, and Herbert Smith advised JP Morgan Asset Management Marketing Limited.
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