Australia's Ensurance jumps on deal to sell their UK operations

PSC Insurance

04/11/2022 24:25

** Shares of Australia's Ensurance  ENA.AX  rise as much as
2.1% to A$0.24, their highest since Oct 31
    ** The insurance firms signs binding agreements to sell
their UK operations with PSC Insurance Group  PSI.AX 
 urn:newsml:reuters.com:*:nASXc2YbTJ
    ** Says proposed transaction is for A$8.2 mln ($5.16 mln)
    ** Says under terms of the deal, PSC will pay co A$6.15 mln
in cash and balance A$2.05 mln in PSC shares
    ** Adds sale proceeds will be used to further expand co's
Australia operations organically, among others
    ** PSC shares down 0.9% on Friday 
    ** Ensurance on track to close 2.1% higher this week, if
gains hold
    ** Ensurance stock up 9.3% this year, as of last close
    ($1 = 1.5898 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))