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Bids, Mergers and Takeovers

Just Retirement-Partnership merger timetable revised

23 December 2015 14:05

Just Retirement and Partnership Assurance now expect their all-share merger to complete in the first quarter.

Previously, the companies had expected the merger to create the JRP Group to complete in January.

A revised anticipated timetable for the merger says: "On 5 December 2015, the PRA approved Just Retirement's application to use its full internal model under Solvency II.

"Just Retirement continues to seek to finalise and post the circular convening the Just Retirement shareholder meeting as soon as practicable, which is currently expected to be in January 2016.

"Accordingly, in order to ensure the Partnership Assurance shareholders have the most up to date information ahead of voting on the Merger, the Partnership Assurance board considers it appropriate to seek an adjournment of the Partnership Assurance general meeting until after the Just Retirement circular has been posted and has obtained the permission of the court to adjourn the Partnership Assurance court meeting accordingly.

"It is proposed that the Partnership Assurance court meeting and Partnership Assurance general meeting will be adjourned to a date on or around the date of the Just Retirement general meeting (when convened) and which will be notified to Partnership Assurance shareholders in due course.

"On 23 November 2015, Just Retirement and Partnership Assurance announced that the Merger was expected to complete in January 2016, subject to the satisfaction of the remaining conditions to the Merger (including change in control approvals by the PRA and the Financial Conduct Authority.

"Following recent discussions with the PRA and the FCA, Just Retirement and Partnership Assurance understand that, without prejudice to the statutory right of the relevant regulators, the decisions on the change in control applications are expected to be received during the first quarter of 2016. Provided change in control is granted, we would therefore also expect the Merger to complete in the first quarter of 2016."

At 2:05pm: (LON:JRG) Just Retirement Group PLC share price was +0.55p at 164.55p

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