Just Group PLC AGM Statement (0313C)
13 June 2019 - 4:00PM
UK Regulatory
TIDMJUST
RNS Number : 0313C
Just Group PLC
13 June 2019
NEWS RELEASE www.justgroupplc.co.uk
13 June 2019
JUST GROUP plc
ANNUAL GENERAL MEETING
FOCUSING ON CAPITAL AND VALUE
Just Group plc ("Just", the "Group") is holding its Annual
General Meeting today. Speeches by the Chairman and by the Interim
CEO will be published on the Group website after the meeting, as
detailed below.
The Board remains focused on delivering capital self-sufficiency
by 2022, while in parallel developing other strategic and business
options to enhance shareholder value.
Key points
-- Our market opportunities remain attractive, however we are adapting
our business model in light of regulatory changes. The Group is
already adapting its intellectual property led model to deliver
a business which is performing well commercially and operationally
-- Developing a more capital and cost efficient model. Our focus on
more capital efficient new business means we again meet our target
mid teen hurdle rate of return on shareholder capital invested
in new business. Loss making initiatives such as the US care business
and UK income drawdown have been rationalised, with scope for further
cost reductions. Capital management forms a core driver of management's
short term incentive plans for 2019
-- Refreshing our Board and management team. Yesterday we announced
the appointment of our new Group CFO, Andy Parsons, who will join
the Group in January, and the Chairman is expediting the CEO appointment
process. He will also continue to prioritise Board gender diversity
-- Directors' buying. All of our directors have recently increased,
or are in the process of increasing, their shareholdings, demonstrating
their confidence in the Group's ability to execute on its plan
and their belief that the current market price bears no relation
to the fundamental value of our Group
David Richardson, Interim Group Chief Executive Officer,
said:
"We have a good business which is performing well commercially
and operationally. We have a strong position in attractive markets
and will use these positive market dynamics together with our
market-leading expertise to reduce new business capital strain. At
the same time as developing our strategic and business options, we
are sharply focused on using our existing capital base wisely and
are committed to achieving capital self-sufficiency by 2022."
Chris Gibson Smith, Chairman, said:
"My focus is on maximising shareholder value, with no options
excluded. This can now be done from a position of increased
regulatory clarity, greater capital strength, a valuable new
business franchise, all under the leadership of a strengthened
management team."
Enquiries
Investors / Analysts Media
James Pearce, Director of Group Stephen Lowe, Group Communications
Finance Director
Telephone: +44 (0) 7715 085 099 Telephone: +44 (0) 1737 827 301
james.pearce@wearejust.co.uk press.office@wearejust.co.uk
Alistair Smith, Investor Relations Temple Bar Advisory
Manager Alex Child-Villiers
Telephone: +44 (0) 1737 232 792 William Barker
alistair.smith@wearejust.co.uk Telephone: +44 (0) 20 7002 1080
FINANCIAL CALENDAR DATE
Interim results 4 September 2019
=================
A copy of this announcement will be available on the Group's
website www.justgroupplc.co.uk
Transcripts of the Chairman and Interim CEO speeches will be
published at
www.justgroupplc.co.uk/investors/shareholder-information/2019-agm
JUST GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
This announcement may contain and Just may make verbal
statements containing "forward-looking statements" with respect to
certain of its plans and current goals and expectations relating to
its future financial condition, performance, strategic initiatives,
objectives and results. By their nature, all forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances which are beyond Just's control,
including amongst other things, United Kingdom domestic and global
economic business conditions, market-related risks such as
fluctuations in interest rates and exchange rates, the policies and
actions of governmental and regulatory authorities, the effect of
competition, inflation, deflation, the timing effect and other
uncertainties of future acquisitions or combinations within
relevant industries, the effect of tax and other legislation and
other regulations in the jurisdictions in which Just and its
respective affiliates operate, the effect of volatility in the
equity, capital and credit markets on Just's profitability and
ability to access capital and credit, a decline in the Group's
credit ratings; the effect of operational risks; and the loss of
key personnel. As a result, the actual future financial condition,
performance and results of Just may differ materially from the
plans, goals and expectations set forth in any forward-looking
statements. Any forward-looking statements made in this
announcement by or on behalf of Just speak only as of the date they
are made. Except as required by applicable law or regulation, Just
expressly disclaims any obligation or undertaking to publish any
updates or revisions to any forward-looking statements contained in
this announcement to reflect any changes in its expectations with
regard thereto or any changes in events, conditions or
circumstances on which any such statement is based.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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