14th Oct 2015 07:01
LONDON (Alliance News) - Just Retirement Group PLC 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.
An accelerated bookbuilding process was run by Barclays Bank PLC, Deutsche Bank AG and Nomura International which set the price of 159.0 pence per share for the 63.5 million shares made available.
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.
Following the placing, Avallux holds a 48.4% stake in Just Retirement.
By Joshua Warner; [email protected]; @JoshAlliance
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