5th Mar 2015 17:11
LONDON (Alliance News) - Avallux Sarl, the principal shareholder of Just Retirement Group PLC, said Thursday it plans to sell up to a 10% share in the company, or up to 50 million shares, through a secondary placing to institutional investors.
Avallux, which is wholly owned by European private equity firm Permira, currently has a 62.27% interest in the annuities provider.
Avallux said the shares will be offered through an accelerated bookbuild to be carried out by Deutsche Bank and Nomura International PLC. It has agreed that it will not sell or transfer its remaining shareholding from Just Retirement without Deutsche Bank's and Nomura's consent for a period of 90 days.
It said that the price of the placing will be agreed at the close of the bookbuilding process.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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