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New funds sought for Just Retirement merger plan

25 September 2015 07:25

Just Retirement Group has announced its intention to raise equity share capital by way of a fully underwritten placing and open offer.

Separately, Partnership Assurance Group has also announced an underwritten placing of 39,995,997 new shares representing approximately 9.99% of its current issued ordinary share capital.

It is intended that the two equity capital raisings will raise in aggregate net proceeds of approximately £150m, which is consistent with the proposal announced last month by Just Retirement to merge with Partnership Assurance.

As a result of the merger, Just Retirement shareholders are expected to own approximately 60% of the combined group with Partnership Assurance shareholders having approximately 40% of the equity.

The Boards of both companies believe that the merger will deliver significant strategic and financial benefits for the combined group,

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Related Company: JRG

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