Phoenix Share Discussion Threads

[hvs] 26/6/2018 08:56

The adjusted price is the market price.

[richardbroughton] 26/6/2018 08:52

Am I right in thinking that the adjusted price based on last nights closing is 677? Thanks.

[miti 1000] 26/6/2018 08:50

Acquisition should complete before Sept end. If the market holds up, I'd expect Phnx to be big enough to enter ftse 100 in December unless an existing member falls out between October and December . Dividend around 46.88p which provides downside protection hopefully.

[miti 1000] 26/6/2018 08:29

Masurenguy , so much for your brokers .Apologies accepted , plonker

[zangdook] 26/6/2018 08:19

I would have expected slightly higher prices this morning.

[jonwig] 26/6/2018 08:19

Chart for PHNN added to header.

[skinny] 26/6/2018 08:16

Nil paid now showing.

[skinny] 26/6/2018 08:14

Phoenix Group Holdings (the "Company") is pleased to announce that, pursuant to the Rights Issue announced on 30 May 2018 to part finance the proposed acquisition of Standard Life Assurance, details of which were set out in the circular and prospectus dated 30 May 2018 (the "Circular and Prospectus"), 183,581,978 New Shares were admitted to listing on the premium segment of the Official List of the UKLA and were admitted, nil paid, to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. today.

Qualifying Non-CREST Shareholders (subject to certain exceptions in relation to persons located in a Restricted Territory or Excluded Territory) were yesterday sent a Provisional Allotment Letter and Qualifying Depositary Interest Holders will receive a credit to their appropriate stock accounts in CREST as soon as practicable after 8.00 a.m. today in respect of the Nil Paid Rights to which they are entitled. The latest time and date for acceptance, payment in full and registration of renounced Provisional Allotment Letters remains 11.00 a.m. on 9 July 2018.

Capitalised terms used in this announcement shall have the meanings set out in the Circular and Prospectus.

[hvs] 26/6/2018 08:13

Price is holding up well. Bodes well for the future.

[zangdook] 25/6/2018 21:58

Wish I'd left my top-up to the last minute.

[jonwig] 25/6/2018 18:57

All the docs about it are on the Phoenix website.
Your broker should be contacting you about your allocation, what your choices are and their timetable.

I haven't heard anything yet from my broker!

[bothdavis] 25/6/2018 17:52

I purchased Phoenix on the 20th of June, when/how do I get contacted re the Standard Life deal? First time purchased timed soooooooo well!!

[jonwig] 25/6/2018 14:34

Something we should all agree is a good thing (as well as the football team):

Standard Life Aberdeen’s sale of its insurance business to Phoenix Group has been overwhelming approved by shareholders after SLA’s chairman pledged it would help transform the Edinburgh-headquarter company into one of the world’s leading investment businesses.

More than 99 per cent of shareholders of SLA, which was formed last year through the merger of insurer Standard Life and fund manager Aberdeen Asset Management, backed each of the three resolutions relating to the sale.

Gerry Grimstone, chairman of SLA’s board, said the sale to Phoenix represented a “decisive break from our past as an insurer” and supported the company’s “ambitions of becoming a world-class investment company”.

The chairman also reassured shareholders that SLA was well-prepared for Brexit. “Everything we need to do [for Brexit] will be done by the required date,” he said.

Mr Grimstone added that SLA has had to submit paperwork “as big as I am” to regulators as it attempts to prepare for the UK’s exit from the EU and warned that functions that were once carried out in Edinburgh or London will now be done in Luxembourg and Dublin.

He said that 400 people have left the SLA since Standard Life took over Aberdeen last August.

The chairman added the £3.2bn Phoenix deal would close by the third quarter.

[skinny] 25/6/2018 14:32

Phoenix Group Holdings (the "Company") is pleased to announce that, at the General Meeting held earlier today at Grange St. Paul's Hotel, 10 Godliman Street, London EC4V 5AJ, all Resolutions regarding the proposed acquisition of Standard Life Assurance and the associated Rights Issue, details of which were set out in the Notice of General Meeting included in the circular and prospectus dated 30 May 2018 (the "Circular and Prospectus"), were duly passed by way of poll.

more.....

[hvs] 25/6/2018 12:26

8.00 a.m. on
26 June 2018 (the time when the Shares are expected to be marked ‘‘ex-rights’’ by the LSE)).

Absolutely correct. D-Day tomorrow at 8:00 am

[ianood] 25/6/2018 12:08

Z and just to add, I believe that the rights claim has to be done manually rather than over CREST

[zangdook] 25/6/2018 11:42

ex-rights date is what counts, just as with dividends the ex-dividend date is what counts. see section 3.4 I quoted above - if you buy or sell after record but before ex-rights the rights will be transferred to the buyer.

[skinny] 25/6/2018 10:46

From the


"Details of the Rights Issue

Pursuant to the Rights Issue, the Company is proposing to offer 183,522,385 New Shares by way of rights to Qualifying Shareholders as at the close of business on 22 June 2018 (the "Record Date"). The offer is to be made at 518 pence per New Share (the "Issue Price"), payable in full on acceptance by no later than 11.00 a.m. on 9 July 2018. The Rights Issue is expected to raise gross proceeds of approximately £950 million. The Issue Price represents a 25.1 per cent. discount to the theoretical ex-rights price of 691 pence per Share calculated by reference to the Closing Price on 29 May 2018.

[rcturner2] 25/6/2018 10:16

It is amazing how stupid some people are.

[miti 1000] 25/6/2018 10:10

Lol Masurenguy, yes ,I do know more than your brokers .You can backtrack tomorrow am.

[calahan] 25/6/2018 09:19

@ miti 1000 - That's how I understand it as well. Plus if XR was Friday then that would mean...

- Anyone buying today would immediately lose ~10% on the drop tomorrow but without receiving their rights entitlement to compensate. So just throwing money away.

- You could sell your entire holding today, retain your rights, and then buy back your entire holding tomorrow netting a ~10% profit on the drop. So have your cake and eat it.

We all know the market is a strange beast, but it's rarely that cruel / kind to offer you guaranteed ways of losing / making money. So if XR was Friday, then that means today is an anomalous trading day and the shares should probably have been suspended for the day (to avoid people being tricked into losing money / fleecing the system).

Edit - I've left a message with PHNX Customer Relations for a callback to clarify. If they call before the end of the day I'll post accordingly.

[masurenguy] 25/6/2018 09:18

Really - sarcasm is the lowest form of wit so I should not be at all surprised by your gratuitous post. Both my broker and BofA Merrill Lynch say the XR date was last Friday but clearly you think that you know more about it than they do !

[miti 1000] 25/6/2018 09:03

Masenguy, deary me...ex rights is the close of business at 16.35 tonight. I thought you would know better, clearly not.

[masurenguy] 25/6/2018 08:16

The shareholders meeting to approve the proposed rights issue is due to be held today according to the May 30 announcement. The XR date was last Friday, June 22.