JRP slumps as Cinven, Permira sell shares

Shares in retirement specialist JRP fell on Wednesday after funds of Cinven and Permira sold a higher stake in the company than originally planned.

The funds, which had intended to sell an 8% stake in the group, or 75m shares, ended up selling a total of 95m shares, equating to a 10.2% stake.

The shares were sold at 130p each, with Cinven offloading 38m and Permira selling off the rest.

The placing was conducted through an accelerated bookbuild, with Barclays Bank and Numis acting as joint bookrunners.

After the placing completes, Cinven will hold just under 144.5m ordinary shares in the company, or a stake of around 15.5%, while Permira will hold just under 216.1m shares, or a stake of around 23.2%.

At 1227 BST, the shares were down 4.1% to 133.20p.