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Just sheds private equity overhang

The life assurer also reported impressive first-quarter sales growth
May 23, 2018

Investors in Just Group (JUST) have been granted greater certainty, after its largest shareholder sold its entire stake. Private equity group Permira disposed of its 18 per cent holding by placing the shares at 143p each, a 5 per cent discount to the closing price the prior day. The company had been gradually reducing its stake in Just since its 2013 merger with Partnership Assurance.

IC TIP: Buy at 148.5p

The announcement followed news that retirement income sales had jumped 43 per cent during the first quarter, prompting a double-digit rise in the shares on the day of their release. Sales of defined benefit derisking products led the way, almost doubling to £249m. Individual annuity sales were also up 8 per cent.