Annuity providers Partnership and Just Retirement have stepped closer to their planned merger today with a share issue aimed at raising £150 million.
The two specialist enhanced annuity providers announced their intention to merge in August, which will create a new business known as JRP Group.
Today Partnership, led by chief executive Steve Groves, has issued 9,995,997 new ordinary shares of 10 pence each, representing 9.99% of the company’s ordinary share capital.
Just Retirement has also announced a fully underwritten placing and open offer. The terms of the offer have yet to be determined. Read more at New Model Adviser