6th Mar 2015 10:02
LONDON (Alliance News) - Avallux Sarl, the principal shareholder of Just Retirement Group PLC, said Friday it has sold around 50 million shares or a 10% stake in the company at a price of 162 pence per share through a secondary placing with institutional investors, raising GBP81 million.
Shares in Just Retirement are trading down 7.3% at 162.00 pence Friday morning. Plans for the sale were announced after the close of trade on Thursday.
Avallux, which is wholly owned by European private equity firm Permira, had a 62.27% interest in the annuities provider. It will now hold around a 52% share.
Just Retirement will not receive any of the proceeds from the sale.
Avallux said the shares were offered through an accelerated bookbuild 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.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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