Transaction 'not in shareholder interests'.

Novae has decided to withdraw from merger discussions with Chaucer.

The insurer said its did not believe it would be possible to structure a transaction which would be in the interests of its shareholders.

Stock Market rules mean that Novae is prevented from announcing an offer or possible offer for Chaucer within the next six months, except in certain circumstances such as an offer for Chaucer from a third party.

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