25 Mar 2019 08:00
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 |
A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk
JUST GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
Just Group (JUST)