Chesnara PLC, a European life insurance consolidator, has disclosed that PDMRs Steve Murray and David Rimmington have exercised options over 98,532 ordinary shares of 5 pence each in the capital of the Company. The options were exercised as a result of the vesting of the awards made under the 2014 Chesnara Long Term Incentive Plan and 2014 Chesnara Short Term Incentive Scheme. Of these, 48,864 Ordinary Shares were sold to cover liability to tax and national insurance contributions arising on vesting, with the balance being retained. The allotment of the 98,532 Ordinary Shares has been satisfied via the Group's existing block listing arrangements.
As at the date of the announcement, the Company's issued share capital consisted of 150,954,119 Ordinary Shares and, with no Ordinary Shares in Treasury, this too was the number of voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
Steve Murray, Group Chief Executive Officer, exercised options over 46,795 shares following the vesting of the conditional awards under the 2014 Long Term Incentive Plan. He sold 23,962 shares to cover tax and social security obligations. David Rimmington, Group Finance Director, exercised options over 32,934 shares following vesting of the conditional awards under the 2014 Long Term Incentive Plan and over 18,803 shares following vesting of the conditional awards under the 2014 Short Term Incentive scheme. He sold 24,902 shares to cover tax and social security obligations.
Chesnara is a European life and pensions consolidator listed on the London Stock Exchange. It administers approximately one million policies and operates as Countrywide Assured in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden. The company's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden, the Netherlands, and the UK and by undertaking value-adding acquisitions of either companies or portfolios. Chesnara has increased its dividend for 19 years in succession, reflecting consistent delivery of the Company strategy.