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Just Group raises £75M from share placement

Just Group PLC raised gross proceeds of approximately £75 million from a share issue after the placement priced at 80 pence a share.

The U.K. life insurer announced the placement the morning of March 14 as part of a package of measures to bolster its capital base because of proposed changes to capital requirements for equity release mortgages. It had said it was expecting to raise "around £80 million" from the share placement, which represented 9.99% of its existing share capital prior to the transaction.

Just Group also announced a Restricted Tier 1 bond issue of at least £300 million as part of the package.

The placement price represented a 6.7% discount to the middle-market price of Just Group's shares at the time of pricing.

Major Just Group shareholder Standard Life Aberdeen PLC bought 20 million of the new shares issued in the placement for £16 million, raising its shareholding in Just Group to 12.26% from 11.36%. Just Group CEO Rodney Cook paid £200,000 for 250,000 of the new shares, but his holding fell to 0.30% from 0.31%.