Just Retire. Share Discussion Threads

[masurenguy] 26/6/2009 09:51

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.

[backpacker] 24/6/2009 22:12

Masureguy, thanks for the info

Monkey, 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

[monkeymeister] 24/6/2009 21:56

I think the reference to confused.com implies mr backpacker knows something, would you like to elaborate BP?

[masurenguy] 24/6/2009 16:11

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.

[backpacker] 24/6/2009 15:45

I am a bit confused.com about this share, what is going on with the takeover?

[masurenguy] 18/6/2009 17:08

Unless the seemingly endless takeover negotiations are finally concluded one way or the other, the next figures that we get should be the Q4 new busines results at the end of next month !

[alanrex] 12/6/2009 13:45

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] 12/6/2009 10:26

This must be one of the longest takeover processes in AIM history - it's now into the eighth month !

In the absence of any other news maybe we will get a Q2 New Business Update at the end of next month.

[alanrex] 02/6/2009 17:40

if i was to make a wild guess, i would suggest its a PE company looking to buy the compamny and having problems raising the monies. I suspect both the management and Langholm would be keen for a deal and thus happy to wait. complete and wild guess though. its definitely a long time though, and almost bizarre!! i do though believe the share is fundamentally a sound stock and thus hence my topping up.

all imo dyor

[masurenguy] 02/6/2009 17:05

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] 02/6/2009 16:04

hopefully the share price isnt saying the takeover talks are over, but i have just increased my holding!

[648790] 21/5/2009 17:36

ok this is spam - please delete :)

[rocheberie] 21/5/2009 17:34

Last year Q4 New Business results were announced on 1st August and Final Results on 10th September

[alanrex] 20/5/2009 11:00

Does anyone know when the results are due? Ive looked at the website and cant find the date

thanks in advance

[masurenguy] 30/4/2009 11:30

Looks like a bit of small scale programmed selling after todays update which was fairly neutral IMO.

Acquisition talks still ongoing after 6 months so they must be meaningful after dragging on for so long although that still does not guarantee a successful outcome !

[johnv] 23/4/2009 16:52

onwards and upwards to who knows where.

[pejaten] 15/4/2009 19:21

well next update at end of month, so maybe an announcement then?

[masurenguy] 15/4/2009 15:46

Up 50% in the last monrh - could a deal be imminent ?

[masurenguy] 09/4/2009 13:43

Someone dumped 50,480 at 68p first thing this morning but since then a whole raft of small buys has pushed the price north.

[pejaten] 01/4/2009 15:29

wow, quick turnaround.. someone even paid 73p for these just now

[warranty] 29/3/2009 20:53

Patience is a virtue!!

[alanrex] 27/3/2009 23:38

positive enough for me but still no news on results - all rather frustating!

[masurenguy] 27/3/2009 09:43

A 69,000 Sell @4p below the Bid - somebody is anxious to exit !

[masurenguy] 27/3/2009 08:05

A lot of small Buys at the Open !