Just Group slumps as Permira sells 5% stake

Shares in Just Group slumped on Tuesday after European private equity firm Permira sold 50m shares in the retirement specialist at 157p each in a placing that represents a stake of around 5.3%.

Permira had said on Monday that it planned to sell a minimum of 46m shares in the placing, which was conducted through an accelerated bookbuild, with Numis acting as sole bookrunner.

Following completion, Permira will continue to hold just over 166m ordinary shares in the group, representing a stake of 17.7%. These shares are subject to a lock-up which ends 60 days after completion of the placing.

The placing shares were sold on behalf of Permira, which is wholly owned by limited partnerships and other entities which together constitute the Permira IV Fund.

The company will not receive any proceeds from the placing.

At 0805 GMT, the shares were down 5.7% to 158.20p.