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Partnership raises £54m from share offer

Partnership raises £54m from share offer

Partnership has confirmed a successful completion of its share offer, with just under 40m new ordinary shares of 10p each being placed at a price of £1.35 a share, raising proceeds of £54m (before expenses).

The plans were announced earlier today and undertaken in order to back the all-share merger with Just Retirement, which left the size and pricing of its own placing and open offer to be determined following an accelerated bookbuilding process.

The placing price of £1.35 per share represents a discount of 3.2 per cent to the intra-day price at 9.05am this morning.

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The net placing price of about £1.33 a share to be received by Partnership, after expenses directly attributable to the placing, represents a discount of about 4.9 per cent to that intra-day price.

Applications have been made for the shares to be admitted to the premium listing segment of the Financial Conduct Authority’s official list and to trading on the main market of the London Stock Exchange on Tuesday (29 September).

Partnership’s private equity backers the Cinven Funds subscribed for 11,206,585 placing shares for a total consideration of £15.1m.

Following admission, the Cinven Funds will hold 218.8 million ordinary shares, representing a shareholding of 49.7 per cent.

Following admission, Partnership will have 439,995,968 shares in issue and admitted to trading on the LSE.

peter.walker@ft.com