Partnership Assurance Group PLC Merger Update (5662G)
November 23 2015 - 2:02AM
UK Regulatory
TIDMPA. TIDMJRG
RNS Number : 5662G
Partnership Assurance Group PLC
23 November 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
23 November 2015
Just Retirement Group plc
Partnership Assurance Group plc
Merger Update
Just Retirement Group plc ("Just Retirement") and Partnership
Assurance Group plc ("Partnership Assurance") announce an update to
the anticipated timetable for their recommended all-share merger
(the "Proposed Merger") to create the JRP Group plc.
Background to current timetable
On 5 November 2015, Partnership Assurance posted its scheme
document to its shareholders and convened a court meeting (the
"Court Meeting") and a shareholder meeting (the "General Meeting")
to vote on the Proposed Merger (both to be held on 26 November
2015).
Just Retirement subsequently announced that it was in the
process of finalising its shareholder circular and that the
Proposed Merger was still expected to complete around late December
2015.
Revised anticipated timetable for the Proposed Merger
In accordance with the Prudential Regulatory Authority's ("PRA")
timetable for Solvency II Internal Model applications, Just
Retirement confirms that a decision on its application is expected
in the first half of December 2015. Consequently, the Just
Retirement Board has decided to post its shareholder circular once
the PRA Internal Model approval process has concluded, so that Just
Retirement shareholders are provided with the most up to date
information in the shareholder circular ahead of voting on the
Proposed Merger.
Accordingly, the Partnership Assurance Board considers it
appropriate to seek an adjournment of the General Meeting and has
obtained the permission of the Court to adjourn the Court Meeting
accordingly. It is proposed that the Court Meeting and General
Meeting will be adjourned to 12.00 p.m. (in the case of the Court
Meeting) and 12.15 p.m. (in the case of the General Meeting) on 5
January 2016, which is expected to follow the posting of the Just
Retirement shareholder circular.
The revised timetable for the Just Retirement and Partnership
Assurance shareholder and court meetings means that the Proposed
Merger is now expected to complete in January 2016, subject to the
satisfaction of the other conditions to the Proposed Merger
(including approval by the PRA and the Financial Conduct
Authority).
As previously announced, Just Retirement's Annual General
Meeting will be held at noon today.
Enquiries:
Just Retirement
Investors: Media:
------------------------ ---------------------------------------------
James Pearce Stephen Lowe Temple Bar Advisory
Group Director Group Communications Alex Child Villiers
of Strategy & Investor Director +44 (0) 207
Relations +44 (0) 1737 002 1080
+44 (0) 7715 085 827 301 William Barker
099 +44 (0)20 7002
1080
------------------------ ---------------------- ---------------------
Partnership Assurance
Investors: Media:
---------------------- ------------------------------------------
Katherine Jones Jim Boyd Citigate Dewe
Director of Investor Director of Corporate Rogerson
Relations Affairs Grant Ringshaw
+44 (0) 20 7444 +44 (0) 20 7618 +44 (0) 20 7282
8040 2744 2851
Shabnam Bashir
+44 (0) 20 7282
2822
---------------------- ----------------------- -----------------
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.
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 Just Retirement's website at
www.justretirementgroup.com and Partnership Assurance Assurance's
website at www.partnership-group.com on, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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