Results of placing of approximately 95 Million ordinary shares in JRP Group PLC (The "Company" or "JRP Group") By Avallux S.à R.l. and Fourth Cinven Funds (as defined below) being entities controlled by Permira Advisers LLP ("Permira") and Cinven Limited ("Cinven") respectively
Further to the announcement released on 28 March 2017 in relation to a proposed placing of approximately 75 million ordinary shares in JRP Group by Cinven and Permira through certain of their funds as defined below (together, the "Sellers"), the Sellers announce that due to strong investor demand the size of the placing has been increased.
Accordingly, the Sellers have sold an aggregate of 95 million ordinary shares in JRP Group (the "Placing Shares") at a price of 130 pence per share (the "Placing"). Cinven has sold 38 million ordinary shares and Permira has sold 57 million ordinary shares. The Placing Shares represent approximately 10.2% of the Company's issued share capital.
The Placing was conducted through an accelerated bookbuild. Barclays Bank PLC, acting through its investment bank ("Barclays") and Numis Securities Limited ("Numis") acted as Joint Bookrunners (the "Joint Bookrunners") for the Sellers in connection with the Placing. The proceeds of the Placing are payable in cash on usual settlement terms, and closing of the Placing is expected to occur on a T+2 basis on 31 March 2017.
Following completion of the Placing, Cinven will continue to hold 144,479,320 ordinary shares in the Company, representing approximately 15.5% of the issued share capital of the Company, and Permira will continue to hold 216,057,001 ordinary shares in the Company, representing approximately 23.2% of the issued share capital of the Company. These shares are subject to a lock-up which ends 90 days after completion of the Placing (subject to waiver by the Joint Bookrunners and to certain exceptions).
The Company will not receive any proceeds from the Placing.
The Placing Shares were sold on behalf of entities controlled by Cinven comprising Fourth Cinven Fund (No. 1) Limited Partnership, Fourth Cinven Fund (No. 2) Limited Partnership, Fourth Cinven Fund (No. 3 - VCOC) Limited Partnership, Fourth Cinven Fund (No.4) Limited Partnership, Fourth Cinven Fund (UBTI) Limited Partnership, Fourth Cinven Fund Co-Investment Partnership, Fourth Cinven (MACIF) Limited Partnership and Fourth Cinven Fund FCPR, and Avallux S.à r.l., an entity controlled by Permira Advisers LLP and which is wholly owned by limited partnerships and other entities which together constitute the Permira IV Fund.