Just Group PLC

Share Issue/Capital Change • Mar 25, 2019

National Storage Mechanism | Additional information

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RNS Number : 8077T

Just Group PLC

25 March 2019

NEWS RELEASE	www.justgroupplc.co.uk

25 March 2019

JUST GROUP plc

COMPLETION OF £375m CAPITAL RAISING

Just Group plc ("Just", the "Group") today announces that it has completed raising £375m of gross proceeds by means of an equity placing and Restricted Tier 1 bond issue.

The bonds will be listed on the Euro MTF market of the Luxembourg Stock Exchange, are rated BBB- by Fitch, and have the following key terms and conditions:

·	£300m perpetual bonds with a first call date in April 2024
·	Restricted Tier 1 qualifying regulatory capital instrument under Solvency II
·	Bond issued by Just Group plc, Just's listed holding company
·	Annual interest rate of 9.375% payable semi-annually in arrear

As announced on 14 March, the equity placing raised gross proceeds of approximately £75m before costs at a price of 80p per share.

Rodney Cook, Group Chief Executive, said:

"I am pleased to report on the successful completion of the capital actions that we announced to the market on 14 March 2019. The £300m bond issue and £75m equity placing together increase our pro forma solvency coverage ratio as at 31 December 2018 to 160%1 .This package of actions was selected after careful consideration to optimise the capital mix and level and it greatly strengthens our capital base. The new capital has come at a cost and we are acutely conscious of our duty to manage our capital position carefully. We have a plan in place to deliver capital self-sufficiency from 2022 which focuses on growing profits rather than sales through disciplined pricing. We have further capital flexibility, for example through our unutilised Tier 2 capacity."

Notes

1.     After notional recalculation of TMTP - transitional measures for technical provisions

Enquiries Investors / Analysts James Pearce, Director of Group Finance Telephone: +44 (0) 7715 085 099 james.pearce@wearejust.co.uk Alistair Smith, Investor Relations Manager Telephone: +44 (0) 1737 232 792 alistair.smith@wearejust.co.uk	Media Stephen Lowe, Group Communications Director Telephone: +44 (0) 1737 827 301 press.office@wearejust.co.uk Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7002 1080

FINANCIAL CALENDAR	DATE
AGM and Q119 Business Update	16 May 2019

A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk

JUST GROUP PLC

GROUP COMMUNICATIONS

Vale House, Roebuck Close

Bancroft Road, Reigate

Surrey RH2 7RU

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