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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Just Retire. | JR. | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 76.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 76.00 | 76.00 |
| Top Posts |
|---|
Posted at 24/9/2009 12:50 by 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. |
Posted at 26/6/2009 09:51 by masurenguy Under the irrevocable undertakings Langholm has committed to accept an offer from Avalon (if announced) at 76 pence or more per Just Retirement share in cash and to vote against and not accept any competing offer. The undertakings will cease to be binding if no firm offer announcement is made by Avalon on or before 27 August 2009. The Board of Just Retirement confirms that it is in discussions with Avalon with regards to a possible offer for the Company. Under the terms of the possible offer, if made, shareholders will be able to elect to receive either 76 pence in cash, or an unquoted partial securities alternative which would enable Just Retirement shareholders to retain economic exposure to the Company.An EXTREMELY DISAPPOINTING valuation and a long way below Langholms original target price of 100p and nearly half the IPO price of 148p four years ago ! It values the company at £227m. Management have given Avalon an exclusive option for two months while they do their DD and JR have agreed to reimburse their costs with £2.3m should a better offer trump the Avalon offer in the meantime - not an unusual demand by a predator but often indicative of a broad agreement in principle subject to satisfactory DD. |
Posted at 24/6/2009 22:12 by backpacker Masureguy, thanks for the infoMonkey, I think a deal with confused.com looks possible, I did overhear a conversation on the tube this morning, on the way to work not sure how true it was but took a speculative punt with 2000 shares this afternnon, will do more rersearch before I pump more money into JR. Rgds BP |
Posted at 24/6/2009 16:11 by masurenguy Join the club Backpacker !Major shareholder Langholm (a VCT holding 52%)) put a For Sale sign over the company last November with a £300m price tag (circa 100p a share). Early favourites were Cinven, a PE Group, who previously acquired Partnership Assurance for £160m last year. Since they are also an impaired annuity provider it was thought that JR and PA might be combined with all of the marketing synergies and cost savings involved. Apparently PA were not keen and subsequently and it was rumoured that Cinven dropped out of the running a few months ago. Takeover negotiations started 8 months ago and are still ongoing as far as we know. If discussions with all other prospective acquirers had been concluded then I'm sure they would have announced this to the market. When they released their Q3 figures at the end of April they included the following comment: Update on possible offer On 10 November 2008 the Board of Just Retirement announced that it had received expressions of interest which could ultimately result in an offer for Just Retirement. Discussions are ongoing and a further announcement will be made in due course. |
Posted at 27/3/2009 07:19 by masurenguy RNS Number : 5833P Just Retirement (Holdings) plc 27 March 2009 INTERIM RESULTS HIGHLIGHTS * Value of new business (VNB) for first half year of GBP21.8m, up 7% on comparative period * Embedded value of GBP131.6m (45p per share) * Year end solvency ratio of 170% after allowing for conservative default assumptions (previous estimate approximately 150%) * Total assets under management up 43% year-on-year to GBP1.7bn * Low risk investment portfolio with 50% held in gilts, cash and low-LTV mortgages * Interim dividend maintained at 0.3p * Current trading very encouraging * Discussions ongoing in regard to possible offer for the Group Commenting on the results, Mike Fuller, CEO, stated: "Just Retirement has faced the exceptionally challenging conditions of 2008 with two principle goals: profitability and capital strength. The results for the first six months of our financial year demonstrate that we have been successful in both aims. Our selective pricing policy has enabled us to protect annuity margins in the face of strong competition, albeit at a cost of a small and temporary reduction in sales volumes. We have been able to continue to grow our equity release business at highly favourable margins. "Despite the impact of the extraordinary economic conditions which have prevailed since the beginning of our financial year, we have been able to protect our capital position, which shows a solvency ratio of 170% as at 31 December 2008. This ratio has been computed after substantial allowance for default margins, notwithstanding that our year end fixed interest portfolio has a lower risk profile than many of our peers. Since the year end, the solvency ratio has continued to improve. Current trading is very encouraging. Since the beginning of 2009, annuity rates have been reducing across the market, as competitors have followed capital preservation and pricing strategies similar to our own. As a consequence, Just Retirement's competitive position has returned to its traditional level and conversion ratios have improved markedly. The Group is currently experiencing historically unprecedented levels of application activity for annuities which will positively impact fourth quarter sales. By the same token and as a function of Just Retirement's funding methodology for equity release mortgages, we continue to enjoy a strong competitive position with a solid flow of business at attractive margins. Accordingly, we view the remainder of the year with increasing confidence." Update on possible offer: On 10 November 2008 the Board of Just Retirement announced that it had received expressions of interest which could ultimately result in an offer for Just Retirement. Discussions are ongoing and a further announcement will be made in due course. Dividend: The board proposes a maintained interim dividend of 0.3p. This is payable on 29th April to shareholders on the register as at close of business 17th April 2009. Outlook: Just Retirement remains in a strong position from which to benefit from the continued and developing growth of the UK retirement market. Accordingly, the board looks forward to the future with increasing confidence. |
Posted at 16/2/2009 14:00 by masurenguy Well I hope that you're right. However the Eidos deal was agreed just 4 weeks after the initial announcement that an approach had been received whilst JR is still in play 14 weeks after the initial approach announcement was made.A deal for JR would prpbably be worth 400% more than the Eidos deal so it could take longer to materialize. Nevertheless there is still no news of any developments here ! |
Posted at 26/12/2008 13:07 by 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-agre 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-agree 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." |
Posted at 22/12/2008 08:19 by masurenguy It's 6 weeks since JR announced that they had received 'expressions of interest' in the company. No further company information since then although Oxburgh and Invesco have both been increasing their shareholding ever since. I wonder how much longer it will be before we get an update from the company ! |
Posted at 09/11/2008 09:29 by masurenguy Looks like JR could be in play. Wonder if other PE Groups or Financial Services companies might also show some interest. A £300m price tag would value the shares at circa £1. Be interesting to see market reaction tomorrow !.................... From The Sunday Times November 9, 2008 Insurer seeks £300m sell-out Iain Dey A QUOTED insurance company that specialises in selling pensions to obese smokers has been put up for sale by its biggest shareholder, in a move that is expected to value it at £300m roughly double its market value. Just Retirement, which also sells products to allow the elderly to take value out of their homes, has appointed Deutsche Bank to handle the sale. Cinven is believed to be among those interested in bidding. The private equity group bought Partnership Assurance, a similar business for £160m in June. Just Retirement floated in November 2006 at 148p a share, in a move that created a paper fortune of £44m for the group's founder Mike Fuller. The shares surged, peaking at more than 300p in the middle of last year. Since then, however, they have fallen steeply and closed on Friday at 48½p. Venture-capital group Langholm, which owns 52% of the firm, is believed to have appointed Fenchurch Partners as an adviser. All parties refused to comment. |
Posted at 10/9/2008 07:33 by masurenguy PRELIMINARY RESULTSFOR THE YEAR ENDED 30 JUNE 2008 Just Retirement, the specialist UK life assurance group focusing on the provision of financial services to those at or in retirement, today announces its preliminary results for the year ended 30 June 2008. HIGHLIGHTS * Third consecutive year of sales and Value of New Business (VNB) growth * Group now UK's second largest provider of equity release and sixth largest annuity provider * Recommended Final dividend of 0.7p per share, making 1.0p for the year up 66.7% * Assets under management of £1.4 billion, up 56% FINANCIAL SUMMARY Year ended Year ended % change 30 June 30 June 2008 2007 £m £m Sale of Annuity Policies 604.5 551.6 9.6% Equity Release Mortgage Advances 159.0 125.2 27.0% Total Sales 763.5 676.8 12.8% Value of New Business after tax 42.0 41.2 1.9% EEV Underlying Operating Profit before tax 66.4 65.6 1.2% EEV New Business Margin 7.0% 7.5% NA Group Embedded Value 148.5 143.2 3.7% IFRS Underlying Operating Profit before tax 25.1 25.7 (2.3%) IFRS Total Equity 107.6 101.1 6.4% Dividend per share (pence) 1.0p 0.6p 66.7% Mike Fuller, Chief Executive of Just Retirement, commented: "Just Retirement has demonstrated considerable resilience in a challenging market. We have reported solid sales growth in both our core products and we have grown both the Value of New Business and our EEV underlying operating profit, despite the exceptional economic conditions prevailing throughout our financial year. The Group is now firmly established as the second largest provider of equity release and the sixth largest provider of annuities in the UK. By any measure, this is a commendable performance. The results for 2007/8 have demonstrated again the natural hedge provided by the Group's business model whereby yield curve pressure on reported EEV annuity margins has been largely counterbalanced by strong returns in equity release. Despite current volatile market conditions, the Group expects to deliver a value of new business in the current year similar to that just reported, whilst EEV underlying operating profit will benefit from the corporate bond spreads on our ever-increasing assets under management. The favourable regulatory environment and strong demographic support give us considerable confidence in the long term prospects for the market as a whole and Just Retirement in particular." |
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