NEWS RELEASE | www.justgroupplc.co.uk |
25 March 2019
JUST GROUP plc
COMPLETION OF £375m CAPITAL RAISING
Just Group plc ('Just', the 'Group') today announces that it has completed raising £375m of gross proceeds by means of an equity placing and Restricted Tier 1 bond issue.
The bonds will be listed on the Euro MTF market of the Luxembourg Stock Exchange, are rated BBB- by Fitch,and have the following key terms and conditions:
· | £300m perpetual bonds with a first call date in April 2024 |
· | Restricted Tier 1 qualifying regulatory capital instrument under Solvency II |
· | Bond issued by Just Group plc, Just's listed holding company |
· | Annual interest rate of 9.375% payable semi-annually in arrear |
As announced on 14 March, the equity placing raised gross proceeds of approximately £75m before costs at a price of 80p per share.
Rodney Cook, Group Chief Executive, said:
'I am pleased to report on the successful completion of the capital actions that we announced to the market on 14 March 2019. The £300m bond issue and £75m equity placing together increase our pro forma solvency coverage ratio as at 31 December 2018 to 160%1 .This package of actions was selected after careful consideration to optimise the capital mix and level and it greatly strengthens our capital base. The new capital has come at a cost and we are acutely conscious of our duty to manage our capital position carefully. We have a plan in place to deliver capital self-sufficiency from 2022 which focuses on growing profits rather than sales through disciplined pricing. We have further capital flexibility, for example through our unutilised Tier 2 capacity.'
Notes
1. After notional recalculation of TMTP - transitional measures for technical provisions
Enquiries Investors / Analysts James Pearce, Director of Group Finance Telephone: +44 (0) 7715 085 099 james.pearce@wearejust.co.uk Alistair Smith, Investor Relations Manager Telephone: +44 (0) 1737 232 792 alistair.smith@wearejust.co.uk | Media Stephen Lowe, Group Communications Director Telephone: +44 (0) 1737 827 301 press.office@wearejust.co.uk Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7002 1080 |
FINANCIAL CALENDAR | DATE |
AGM and Q119 Business Update | 16 May 2019 |
JUST GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
Attachments
- Original document
- Permalink
Disclaimer
Just Group plc published this content on 25 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 March 2019 08:14:06 UTC