15th Oct 2015 09:29
LONDON (Alliance News) - Just Retirement Group PLC Thursday said a group of directors participated in a share placing and open offer for a total of 182,648 shares at a price of 159 pence each on Wednesday.
Just Retirement on Wednesday said 34.5% of the shares made available under an open offer were applied for by shareholders, meaning the majority of shares were taken up in the associated placing which saw private equity firm Permira push its stake to over 48%.
In September, Just Retirement, the FTSE 250 pensions provider, and smaller rival Partnership Assurance both announced share placings in relation to the all-share merger between the two companies to form JRP Group PLC.
Chairman Tom Cross Brown acquired 69,946 shares, Chief Executive Officer Rodney Cook 63,200 shares, Chief Financial Officer Simon Thomas 25,200 shares and Chief Actuary Shayne Deighton 10,000 shares. The total shareholdings stand at 725,000, 2.8 million, 1.1 million and 1.2 million shares respectively.
The company also said a group of non-executives also subscribed for shares. Kate Avery acquired 5,636 shares, Michael Deakin 2,536 shares and Steve Melcher 4,439 shares. They now hold 50,080, 22,536 and 4,439 shares respectively.
The open offer closed on Tuesday, and Just Retirement said Wednesday that it received valid acceptances for just over 21.9 million of the shares available, only representing 34.5% of the shares that were available to be snapped up.
The remaining 41.6 million shares that were available were taken up under the placing, of which 11.3 million shares were taken up by Avallux, a subsidiary of international private equity firm Permira. Those 41.6 million shares under the placing raised a total of GBP17.9 million.
Just Retirement was down 0.2% at 164.00p Thursday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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