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Real-Time news about Just Retire. (London Stock Exchange): 0 recent articles
|wonder boy: Does anyone understand what is going on here? Looking at the announcements from 10th August, JR told us that Avalon have to come in with a bid by tomorrow, 25th Sep! Avalon said on the same day that the deadline was 1st Oct.
The JR announcement also stated that they would release full year results before the deadline. This has not happened! Why not???
I think if Avalon walk away the share price could actually increase. So long as the delayed results aren't a problem. And if they don't walk then new investors pick up 9% in a week.|
|alanrex: indeed - surely they wont leave it to the last minute. cant help but feel the absence of a takeover offer would have meant a higher share price given the markets performance over the last few months....|
|alanrex: masureguy - agreed. was thinking any price would have been closer to 100p and with suggestions of more than one bidder, that was supported. believe now that had there been no takeover talk, the share price could have done better than where we are as the share price would have recovered in line with the march recovery. either way, i hope a bid is completed sooner rather than later so that i can free up some funds at 76p (should still have an OK return)
all imo dyor|
|alanrex: i think that the takeover talks may have restricted the the share price from rallying further from the march nadir. i sincerely hope the talks are concluded successfully.
all imo dyor|
|masurenguy: Company has been in discussion with 'interested parties' for 7 months now with majority shareholder Langholm Capital allegedly seeking circa £300m or just over 100p per share.
Still no news after all this time but, as rule 8.3 still applies, discussions must still be ongoing. At 65p, the share price is circa 10% below the level reached after the first revelation of an approach last November and 35% below Langholms perceived target.|
|alanrex: hopefully the share price isnt saying the takeover talks are over, but i have just increased my holding!|
|alanrex: the share price has drifted away from 70p... im tempted to review my holding....share price could be reflecting bad news, or just an opportunity to top up...
all imo dyor|
|rocheberie: Below is an article in the last Investor's Chronicle:-
"Potential bidders for Just Retirement, the UK listed specialist annuities and mortgage provider, are still being sifted to see which will sign non-disclosures-agreements, it is understood.
Meanwhile Rule 8.3 disclosures reveal that investment manager Invesco has been quietly adding to it's position. It now holds 9.93%, nearly a blocking stake if a bidder wishes to reach the 90% squeeze-out level.
Just Retirement has been in play since announcing on 10th November that it received expressions of interest. Deutsche Bank is reportedly arranging the sale.
Due diligence can only begin once non-disclosure-agreements have been signed, but the process was described as early stage, with no indication on timing. Several companies reportedly showing interest are said to include Generalli, Legal & General, HSBC, CVC and Cinven, which bought JR.'s closest competitor, Partnership Assuarnce in June.
JR. and Deutsche Bank declined to comment. Invesco declined to comment on its plans for its stake. The investment manager has used its holdings to influence takeovers in the past; earlier this year, it reportedly used its 19% stake in British Energy to help persuade EDF to sweeten the terms of its offer. Before that, Invesco provided an irrevocable undertaking to support Sanofi Pasteur's acquisition of Acambis.
Just Retirement has a market cap of £207 million. Its share price is less than half the June 2006 IPO price of 148p."|
|mdchand: More background info........
Analysts predict larger UK life offices could circle Just Retirement
Leah Milner - 10-Nov-2008
Analysts have predicted larger UK life offices such as Legal & General, Aviva and Prudential could be interested in buying Just Retirement, following news that the company has received expressions of interest.
Panmure Gordon & Co analyst Barrie Cornes said in a note today that he was surprised venture capital group Langholm Capital would want to sell its 52 per cent stake in the firm in the current market as the company's share price has fallen 78 per cent over the past year.
In a stock market alert today, following speculation in the weekend press, the life office says discussions are at a very preliminary stage and that it is not yet certain an offer will be made.
The company's share price rose more than 50 per cent in morning trading from 48.5p to 75p. Just Retirement floated on the stock market in 2006 at 148p a share.
The Sunday Times reported that the quoted insurer, which specialises in enhanced annuities and equity release, is hoping to net £300m through a sale.
Deutsche Bank has been appointed to field bids and Cinven, which recently acquired Partnership Assurance for £160m, is rumoured to be interested in bidding, although the company declined to comment.
Just Retirement's chief operating officer Patrick Gale resigned in October.|
|masurenguy: 2007/8 NEW BUSINESS FIGURES
* Group total sales in twelve months to 30 June 2008 were £763.5m, up 12.8%
year-on-year on the corresponding period (£676.8m).
* Annuity sales increased 9.6% year on year.
* Equity release sales were 27% higher year on year and 29.4% up on the previous quarter.
* Market shares in both products increased compared to the previous year, with
annuities estimated at 5.5% and equity release at 14.0%.
* The FSA's announcement yesterday, calling for the fair treatment of annuity
customers, is expected to boost demand for enhanced annuities.
NEW BUSINESS RESULTS
£m (unaudited) 12 months ended 12 months ended % change
30 June 2008 30 June 2007
Annuity Policies 604.5 551.6 9.6%
Equity Release Mortgage Advances 159.0 125.2 27.0%
Group Total 763.5 676.8 12.8%
£m (unaudited) 3 months ended 3 months ended % change
30 June 2008 30 June 2007
Annuity Policies 143.8 149.8 (4.0%)
Equity Release Mortgage Advances 48.0 52.6 (8.7%)
Group Total 191.8 202.4 (5.2%)
Mike Fuller, Chief Executive of Just Retirement, commented:
"I am pleased to announce that the company has reported another full year of strong sales growth delivered against a backdrop of challenging market conditions. Critically, we have increased our annual shares of the annuity and equity release markets through our product, technology, service and funding advantages. The commitment from the FSA and ABI on ensuring a greater proportion of annuity demand is "shopped around", the move to a stricter MCEV basis for our competitors and the widely expected long term growth in our core markets, all suggest that the medium term outlook remains positive for the company. Accordingly, I remain confident of further progress in the coming year."
The UK annuity market's growth in 2007/8 was below the expected trend rate as uncertainty continued to have a bearing on annuitants' decisions and timing of annuitisation. We believe that the 9.6% increase in our full year annuity sales outperformed the market despite periods of intense competition and the entrance of new players into the enhanced and impaired markets.
Full year equity release sales were strong, showing a 27.0% gain on the previous year. The fall in year-on-year sales in the final quarter is a reflection of the exceptionally strong comparable period. Against the 3 months to March 2008, we have grown our sales by 29.4%, achieving a 17.4% market share in the quarter and 14.0% for the year; levels equivalent to our best performance to date. Recent industry sales figures for the 3 months to June 2008 from SHIP show a 14% gain onQ1,demonstrating Just Retirement's substantial outperformance of the market.
Sales actually slowed by 5% in Q4 BUT it is reasonable for the CEO to point out that this was in comparison to stellar growth in Q4 last year where overall sales growth for the quarter was 103%. Fullers comment "Against the 3 months to March 2008, we have grown our sales by 29.4%, achieving a 17.4% market share in the quarter and 14.0% for the year; levels equivalent to our best performance to date. Recent industry sales figures for the 3 months to June 2008 from SHIP show a 14% gain on Q1, demonstrating Just Retirement's substantial outperformance of the market." is valid in that Q4 sales growth over Q3 this year was 29.4% compared to a 22.8% growth in Q4 sales over Q3 sales last year.
Cumulative 9 month sales were 20.5% ahead of last year so the annual growth rate of 12.8% does indicate a sales slowdown over the past few months. Question is to what extent this slowdown is likely to continue into the next 12 month period and that is an uncertain factor at this stage which may negatively impact the share price.
We will need to wait until Sept 10th to see whether profits (£29.5m pretax last year) have increased inline with sales growth (up 12.8% this year) or whether they have been impacted by lower margins or higher operating costs.
When Q4 results were released last year the share price was 233p and the market cap was £684m. At last nights close the share price was already 54% lower at 107p as was the market cap at £315m. How much of the slowdown in growth has been factored into the share price remains to be seen. If there is any further dip in price, that might just occur due to the current volatile market climate, it could prove to be a good further buying opportunity since IMV this still looks like a very good long term prospect.|
Just Retire. share price data is direct from the London Stock Exchange