10/11/2008
Specialist life insurer Just Retirement has confirmed speculation that it is in talks after receiving ‘expressions of interest’.
The Reigate-based company, which focuses on the retirement market and is Britain’s second-largest equity release provider, says discussions are ‘at a very preliminary stage’ and warns ‘there can be no assurances about whether an offer will be made or on what terms’. AIM-quoted Just Retirement, which boosted its annual dividend 60 per cent despite a 59 per cent fall in profits to £12 million, recently reported a five per cent increase in first-quarter annuity sales and £183.5 million of new business in the three months to September, against £190.8 million a year earlier.
Floated two years ago at 148p, Just Retirement shares doubled to 305p by April 2007 before crumbling 87 per cent to 40p last month. They have now bounced to 75p on bid hopes, valuing the company at £221 million.
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Robert Tyerman
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