Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Grp(DI) LSE:PHNX London Ordinary Share KYG7091M1096 ORD EUR0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -5.50p -0.62% 884.00p 883.00p 883.50p 890.50p 883.00p 884.50p 572,074 16:35:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 685.0 185.0 89.8 9.8 2,192.97

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Date Time Title Posts
23/10/201613:40PHOENIX GROUP ::::::::: Zombie Fund1,917
02/3/201616:56Phoenix Group latest news and comments-

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Phoenix Grp(DI) Daily Update: Phoenix Grp(DI) is listed in the Life Insurance sector of the London Stock Exchange with ticker PHNX. The last closing price for Phoenix Grp(DI) was 889.50p.
Phoenix Grp(DI) has a 4 week average price of 874.33p and a 12 week average price of 853.25p.
The 1 year high share price is 952p while the 1 year low share price is currently 717.50p.
There are currently 248,073,529 shares in issue and the average daily traded volume is 611,289 shares. The market capitalisation of Phoenix Grp(DI) is £2,192,969,996.36.
rcturner2: I have sold the other half of my holding. Good luck to all who remain. I'll be back in the future if the share price drops.
sogoesit: ganthorpe, yes, I think so too. bluemango; Note (2) to the statement about dividends says the following: 2) Stated after adjusting the 2015 dividend per share for the bonus element of the Rights Issue and based on the closing share price as at 27 September 2016 of 838.5p. This contradicts what I previously thought. My conclusion is that there will therefore be a 5% increase on the EQUIVALENT dividend per share adjusted for the new number of shares in issue. My calculation is as follows: Current half dividend (just paid today) of 26.70p/old share Equivalent dividend adjusting for bonus element: 16.86p/share (7 for 12 rights) Increased by 5% for the AXA deal: 17.70p/new share (annual 33.73p) Increased by 5% for the Abbey deal (not compound): 18.55p/new share (annual 37.10p) Does that make sense and work? This is the quote: "Acquisition will support a proposed increase in dividends in respect of 2017 to £197 million, representing a further 5%(2) increase in dividend per share ("DPS") in addition to the 5% increase in DPS as a result of the AXA transaction, and equivalent to a total increase in the DPS of 10%(2) from the 2015 level." and "Supports a further increase in the proposed dividend: The incremental cashflow generation from the Acquisition supports (subject to regulatory approval) a proposed increase in dividends in respect of 2017 to £197 million. Based on the closing share price on 27 September 2016, this is equivalent to a further 5%(2) increase in the DPS, with effect from the interim dividend payable in respect of 2017 and is in addition to the 5% increase in DPS as a result of the AXA transaction. The total dividend payable in respect of 2017 would represent an increase in the DPS of 10%(2) from the 2015 level. The Directors believe this is a sustainable level at which to rebase the dividend going forward." However, my calculations do not tally with the total new dividend payments of £197m. If £197m is paid out in 2017, on the total new shares, this would amount to an annual dividend of 50.15p (25.075p semi-annual). I do not know why they say "based on the closing share price of 27 September 2016". Maybe these increases refer to a change in the YIELD not the dividend per share (DPS)? Is it just me that is confused?
rcturner2: Note also that buying the nil paid rights is a kind of leveraged exposure to the share price, so they will be more volatile than the actual share price. They will also have a time value element, so could also trade higher than the share price minus the rights price.
edmundshaw: Some sensible posts here. I will be taking up the rights because I think it is a good deal with some potential upside beyond the headline numbers, and management has shown itself consistently capable of making value-enhancing deals, so I think the general expectation of a share price over £10 (pre-rights equivalent price) is fair. A 6.8% yield plus 20% upside and relatively low risk downside seems good to me.
this_is_me: Current cost of 12 shares = 865*12 = 10830p cost of 7 rights shares = 508*7 = 3556p cost of 19 shares = 10830 + 3556 = 13936p average cost of each share = 13936/19 = 733p value of one nil paid share = 733 - 508 = 225p I hope that helps some to understand how it is calculated. Naturally the market will take a view on whether the acquisition is a good deal; currently the first reaction is very positive. If a lot of nil paid shares are dumped on the market it will not do the share price any good. Like many of you I have my shares in my, and my wife's, ISAs both of which are fully invested. but we have time to sort out what to do.
jonwig: A couple of thoughts: It's striking how accurately they can seemingly predict future cashflows and dividends from zombie funds, and yet the share price of PHNX has been very volatile over the years! Part of a desperate fire sale by Deutsche Bank, hence the bargain price. RCT2 - yes, another way to avoid dilution.
pimsim: Think it works out at divi of 50p per share in 2017. With adjusted share price after rights issue around £7.32 (taking today's price at £8.64). So divi yield in 2017 around 6.8%. Don't hold me to these calculations!
rcturner2: The rights issue is an interesting one, because presumably the ultimate share price will be lower once the rights shares are admitted, but they are raising the dividend by 10% so the overall yield on the lower share price will be stonking.
jonwig: envirovision - Possible, yes, and converse to what I suggested, it makes PHNX even more undervalued on an EV basis. But who bids? I get the impression that AV. was after FLG's active, corporate pensions business rather than its private individuals. PHNX as predator or prey? The PHNX share price is still far short of EV (1030p or so) so the market must be thinking about the latter. Also, there's debt: FLG has low gearing.
scburbs: Surely that depends on the price and the impact further degearing would have on how the market values PHNX (which may allow them to do further deals). I do agree that Ignis is a good asset for PHNX and they shouldn't sell it on the cheap. However, I think that the Ignis value has never really been reflected in the PHNX share price (perhaps because it has large internal contracts). Turning that value into cash will make it much harder for the market to ignore!
Phoenix Grp(DI) share price data is direct from the London Stock Exchange
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P:41 V: D:20161023 23:53:11