TIDM37PB
RNS Number : 2807X
Pension Insurance Corporation PLC
05 May 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
PENSION INSURANCE CORPORATION GROUP TO RAISE c.GBP250 MILLION TO FUND FURTHER GROWTH
London, 5 May 2016 - Pension Insurance Corporation, a specialist
insurer of defined benefit pension funds, is pleased to announce
the successful agreement by its ultimate parent company, Pension
Insurance Corporation Group Limited ("PICG"), to raise c.GBP250
million of equity capital at a subscription price of 193.88 pence
per ordinary share. Subject to existing shareholders not exercising
all of their rights of pre-emption, Legend Holdings Corporation
("Legend Holdings") will invest up to GBP110 million, with existing
investor Reinet Fund S.C.A., F.I.S. investing up to GBP140
million.
Legend Holdings has also indicated an intention to make
additional new capital available to fund the growth of the
business, or alternatively to acquire existing ordinary shares from
shareholders of PICG, in each case subject to any necessary
regulatory approvals.
Mr Li Peng, Member of Executive Committee and Senior Vice
President of Legend Holdings, said: "Legend Holdings is very
excited at the prospect of becoming a significant shareholder in
PICG. Our investment in PICG is consistent with the strategic goals
our company has set for its future development outside China and
across the financial services sector. This includes building
long-term industry leaders in sectors with sustainable and
profitable growth. Our intention is to fully support PIC's growth
over the long-term."
Wilhelm van Zyl, Chief Executive of Reinet Fund Manager, said:
"We are delighted to invest a further significant sum into PICG
alongside Legend Holdings. Since we made our initial investment in
2012, PIC has grown considerably and consistently, maintaining its
leadership position in a market with strong growth prospects. We
are very confident that PIC has established an excellent foundation
to develop into a leading business in the UK financial services
sector."
Tracy Blackwell, Chief Executive Officer at PIC, said: "We are
proud that an investor of the stature of Legend Holdings has agreed
to join our investor base. Their investment will come alongside
further equity funding from our largest existing shareholder,
Reinet, demonstrating confidence in the overall business strategy,
the management team and our focus on policyholder care. These
significant new investments will allow us to continue to grow and
develop the business in what is a fast growing market."
- ends -
Notes to Editors:
For further information please contact:
Pension Insurance Jeremy Apfel +44 20 7105 2140
Corporation apfel@pensioncorporation.com
Teneo Strategy Anthony Silverman +44 (0)20 7240
2486
anthony.silverman@teneostrategy.com
About Pension Insurance Corporation
Pension Insurance Corporation plc ("PIC") provides tailored
pension insurance buyouts and buy-ins to the trustees and sponsors
of UK defined benefit pension funds. PIC brings safety and security
to scheme members' benefits through innovative, bespoke insurance
solutions, which include deferred premiums and the use of company
assets as part payment. At year end 2015 PIC had GBP16.6bn in
assets and had insured 132,100 pension fund members. Clients
include FTSE 100 companies, multinationals and the public sector.
PIC is authorised by the Prudential Regulation Authority (PRA) and
regulated by the Financial Conduct Authority and PRA (FRN 454345).
For further information please visit www.pensioncorporation.com
About Legend Holdings Corporation
Legend Holdings Corporation ("Legend Holdings") is a leading
large investment group in China. The Company has built up an
innovative business model of "strategic investments + financial
investments" with synergy between our two-wheel-drive businesses.
Through strategic investments, the Company invests in companies
across six segments: IT, financial services, modern services,
agriculture and food, property and chemicals and energy materials.
The Company's financial investment business primarily consists of
angel investments, venture capital and private equity across all
stages of a company's life cycle. Over the past 30 years, under the
leadership of the Company's Founder and Chairman, Mr. Liu Chuanzhi,
and President, Mr. Zhu Linan, the Company has capitalized on its
understanding of China's key development themes, complementary
investment businesses and extensive management expertise to
cultivate a number of influential outstanding enterprises. It is
now concentrating its strategic investments into four major areas
of financial services, healthcare services, agriculture and food,
and consumer innovations. The Company was listed on the main board
of Hong Kong Stock Exchange on 29 June, 2015. Since August 2015
Legend Holdings has been added to the Hang Seng Composite LargeCap
& MidCap Index ("HSLMI") under the Hang Seng Composite Index
("HSCI") Series. For further information please visit
www.legendholdings.com.cn.
About Reinet Fund S.C.A., F.I.S
Reinet Fund S.C.A., F.I.S., ("Reinet Fund") is a specialised
investment fund incorporated in the Grand Duchy of Luxembourg and
regulated by the Commission de Surveillance du Secteur Financier
("CSSF"). The investment objective of Reinet Fund is to achieve
long-term capital growth. Reinet Fund's strategy is to work with
experienced partners to invest in unique opportunities focusing on
value creation for investors.
Reinet Fund's shares are held by Reinet Investments S.C.A., a
partnership limited by shares and also incorporated in the Grand
Duchy of Luxembourg. It is governed by the Luxembourg law on
securitisation and in this capacity allows its shareholders to
participate indirectly in the portfolio of assets held by Reinet
Fund. Reinet Investments S.C.A. shares are listed on the Luxembourg
Stock Exchange, its primary listing, and Reinet Investments S.C.A.
South African Depository Receipts are listed on the Johannesburg
Stock Exchange, the secondary listing.
At 31 March 2016, the net asset value of Reinet Fund was EUR 5
221 million. For further information please visit
www.reinet.com
Disclaimers
This press release is for informational purposes only and does
not constitute or form any part of any invitation or offer to
acquire, purchase or subscribe for securities. The securities
mentioned herein have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the
"Securities Act") and may not be offered or sold in the United
States except pursuant to an exemption from the registration
requirements of the Securities Act. PIC does not intend to register
any portion of the proposed offering in the United States and no
public offering will be made in the United States. Potential
investors into whose possession this press release comes are
required to inform themselves about and to observe these
restrictions. Any offers made in violation of these restrictions
will be unlawful.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRGMGGKVDZGVZM
(END) Dow Jones Newswires
May 05, 2016 02:00 ET (06:00 GMT)
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