The UK Court has sanctioned the scheme of arrangement by which the ownership of Lloyd’s insurer Chaucer will be transferred to US insurer Hanover Group.

For the scheme to become effective, the Court must now confirm the reduction of capital at a court hearing scheduled for 30 June.

Chaucer expects trading in its shares on the London Stock Exchange to be suspended from 16.30 on 30 June, and that its stock market listing will be cancelled by 08.00 on 4 July.

Chaucer agreed to be bought by Hanover on 20 April.

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