UK Competition and Markets Authority approval

RNS Number : 7564D

Just Retirement Group PLC

28 October 2015

 

FOR IMMEDIATE RELEASE

28 October 2015

Just Retirement Group plc ("Just Retirement") and Partnership Assurance Group plc ("Partnership Assurance")

UK Competition and Markets Authority ("CMA") approval

The Boards of Just Retirement and Partnership Assurance welcome today's announcement by the CMA that it has unconditionally cleared the recommended all-share merger of Just Retirement and Partnership Assurance to create JRP Group plc (the "Merger") following its Phase 1 investigation.

The Boards of Just Retirement and Partnership Assurance confirm that the Just Retirement Shareholder Circular and the Partnership Assurance Scheme Document are expected to be posted to their respective shareholders on or around 5 November 2015, with Just Retirement convening its general meeting to approve the Merger on 23 November 2015, and Partnership Assurance convening its court meeting and general meeting to approve the Merger on 26 November 2015. 

It is expected that the Merger will become effective around late December 2015, subject to satisfaction or waiver of the outstanding conditions to the Merger (including the approval of the Merger by the Prudential Regulation Authority and the Financial Conduct Authority).

Enquiries:

Just Retirement

Investors:	Media:
James Pearce Group Director of Strategy & Investor Relations [phone]	Stephen Lowe Group Communications Director [phone]	Temple Bar Advisory Alex Child Villiers [phone] William Barker [phone]

Partnership

Investors:	Media:
Katherine Jones Director of Investor Relations [phone] [e-mail]	Jim Boyd Director of Corporate Affairs [phone] [e-mail]	Citigate Dewe Rogerson Kevin Smith + 44 (0) 207 282 1054 Shabham Bashir [phone]

Important notices

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.

This announcement has been prepared in accordance with English law and the Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom. The release, publication or distribution of this communication in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this communication is released, published or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Barclays Bank PLC, acting through its investment bank ("Barclays"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting for Just Retirement and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Just Retirement for providing the protections afforded to clients of Barclays, or for giving advice in connection with the matters referred to in this announcement or any matter referred to herein.

Fenchurch Advisory Partners LLP ("Fenchurch"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting for Just Retirement and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Just Retirement for providing the protections afforded to clients of Fenchurch, or for giving advice in connection with the matters referred to in this announcement or any matter referred to herein.

Deutsche Bank AG, acting through its London branch ("Deutsche Bank"), is acting as a corporate broker to Just Retirement and no other person in connection with this announcement or its contents. Deutsche Bank will not be responsible to any person other than Just Retirement for providing any of the protections afforded to clients of Deutsche Bank, nor for providing any advice in relation to any matter referred to herein. Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of its authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority, are available on request.

Nomura International Plc ("Nomura"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting for Just Retirement and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Just Retirement for providing the protections afforded to clients of Nomura, or for giving advice in connection with the matters referred to in this announcement or any matter referred to herein.

Evercore Partners International LLP ("Evercore"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for Partnership Assurance and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Partnership Assurance for providing the protections afforded to clients of Evercore, or for giving advice in connection with the matter referred to in this announcement or any matter referred to herein.

J.P. Morgan Limited ("J.P. Morgan Cazenove"), which conducts its United Kingdom investment banking business as J.P. Morgan Cazenove, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Partnership Assurance and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Partnership Assurance for providing the protections afforded to its clients or for providing advice in relation to the matters referred to in this announcement, the contents of this announcement or any other matter referred to herein.

Morgan Stanley & Co. International plc ("Morgan Stanley"), which is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively as financial adviser to Partnership Assurance and no one else in connection with the matters referred to in this announcement, and Morgan Stanley, its affiliates and its and their respective directors, officers, employees and agents will not be responsible to anyone other than Partnership Assurance for providing the protections afforded to its and their clients or for providing advice in relation to the matters referred to in this announcement, the contents of this announcement or any other matter referred to herein.

Publication of this announcement

A copy of this announcement will be available free of charge, subject to certain restrictions relating to persons resident in restricted jurisdictions, on Partnership Assurance's website at www.partnership-group.com and on Just Retirement's website at www.justretirementgroup.com, by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

 

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