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Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Group Holdings Plc LSE:PHNX London Ordinary Share GB00BGXQNP29 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.40 -0.53% 641.60 642.60 643.20 648.00 638.80 645.00 1,443,742 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 4,704.0 1,270.0 91.8 7.0 6,411

Phoenix Share Discussion Threads

Showing 4326 to 4350 of 4925 messages
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DateSubjectAuthorDiscuss
24/2/2021
14:23
Thanks from me also. Although the Company's response doesn't explain the drop from 17.9 to 16.86% in December; nor the further decrease to 14% now.
bluemango
24/2/2021
13:49
Reassuring(ish) - thanks for the update.
skinny
24/2/2021
13:48
Claire Hawkins e-mailed back to say the reduction to c 14 % was purely due to the dilution from the ReAssure acquisition.The implication being that SLA hadn't sold any although she didn't actually say that.
panshanger1
24/2/2021
10:20
Well if the holding is down to around 14% there should have been an announcement.
look alive
24/2/2021
09:55
Agreed. Note that their percentage holding went down without selling, when PHNX issued more shares back in July on acquisition of ReAssure. Down to 17.9%. Then on 24th Dec looks like they sold to go down a percentage point to 16.86%.
bluemango
24/2/2021
09:50
Yes but we are at the beginning of a new 10 year strategic partnership!Be nice to have some clarification in the light of this
panshanger1
24/2/2021
09:42
Thanks jonwig Edit: 3 years since that agreement.
bluemango
24/2/2021
09:34
It's here possibly (23/02/18): Phoenix and SLA have agreed the terms of a Relationship Agreement to be entered into once SLA becomes a holder of approximately 19.99% of the enlarged Phoenix, which will govern the relationship between Phoenix and SLA and ensure that the enlarged Phoenix carries on as an independent business and complies with its obligations under the Listing Rules. Under the Relationship Agreement, SLA will have the right to appoint two non-executive directors to the Board of Phoenix for so long as SLA holds 15% or more of the share capital of the enlarged Phoenix and the right to appoint one non-executive director to the Board of Phoenix for so long as SLA holds 10% or more (but less than 15%) of the share capital of the enlarged Phoenix. Subject to certain exceptions, SLA has agreed to a 12-month lock-up and a two-year standstill following Completion (except in respect of its shares under management).
jonwig
24/2/2021
09:14
It will be nice if you get an answer.
skinny
24/2/2021
09:10
Nothing at all I've emailed them and asked what is there understanding of SLAs intentions in this respect
panshanger1
24/2/2021
08:17
What's to stop them going below 14%? I would have thought 15% was an important threshold.
ianood
24/2/2021
07:56
Definitely the case BM Must have been downward pressure on price whilst that was going on As you say if that is now at an end could be helpful here GLA
panshanger1
23/2/2021
17:57
If Standard Life Aberdeen have been selling off their shareholding from initial 20% down to current 14%, that might (at least partly) explain why PHNX is not quite at the valuation you'd expect with such an excellent dividend (now yielding 6.5%, rising to 6.7% if they increase it on 8th March as originally flagged)
bluemango
23/2/2021
15:55
Some background info: hTTps://moneymarketing.co.uk/news/standard-life-sells-name-to-phoenix/ While the motivation seems largely to resolve some disagreements alluded to here (this from August 2020): hTTps://moneymarketing.co.uk/news/phoenix-and-standard-life-clash-over-client-books/ Interesting that this reveals a reduction since the initial agreement, of the original stake in PHNX from 20% to current 14%.
bluemango
23/2/2021
15:28
Could some kind soul have a stab at translating into simple English, the implications for PHNX with this change to their partnership with SLA - in particular should it be accretive to earnings? (And if for some reason it isn't necessarily accretive to earnings, then that begs the question 'why change it?')
bluemango
23/2/2021
09:15
I had it in my mind that the SLA holding in Phoenix was larger than the 14 % quoted today did they offload someStandard Life and Aberdeen are both strong brands must be of benefit here imo GLA
panshanger1
23/2/2021
07:48
It seems to be a good idea; it should make the company easier to manage and so more efficient.
this_is_me
23/2/2021
07:05
Phoenix and SLA simplify Strategic Partnership. SMALLER RELATED PARTY TRANSACTION Phoenix Group and Standard Life Aberdeen simplify their Strategic Partnership to accelerate growth Following the acquisition of Standard Life Assurance Limited ("SLAL") from Standard Life Aberdeen plc ("SLA") in 2018 (the "Acquisition"), Phoenix Group ("Phoenix") and SLA entered into a strategic partnership ("Strategic Partnership") to advance the interests of both businesses. At the same time SLA became a leading shareholder in Phoenix and today has a strategic shareholding of circa 14%. Phoenix and SLA are pleased to announce that they hav e entered into a new binding agreement which significantly simplifies the arrangements of their Strategic Partnership, enabling Phoenix to control its own distribution, marketing and brands, and focusing the Strategic Partnership on using SLA's asset management services in support of Phoenix's growth strategy. Under the terms of the transaction, Phoenix will sell its SLAL UK investment and platform-related products, comprising Wrap Self Invested Personal Pension ("Wrap SIPP"), Onshore Bond and UK Trustee Investment Plan ("TIP") to SLA, and acquire ownership of the Standard Life brand. As a result, the Client Service and Proposition Agreement ("CSPA") entered into between the two groups in connection with the Acquisition will be dissolved. At the same time, Phoenix is reinforcing its Strategic Partnership with SLA by re-committing to a 10-year strategic asset management partnership, with Phoenix harnessing Aberdeen Standard Investments' ("ASI") expertise across a breadth of portfolio management and investment strategy areas. Ownership of the Standard Life brand is a key enabler for delivering Phoenix's Workplace and Customer Savings and Investments ("CS&I") growth strategies at pace. The relevant marketing, distribution and data team members will transfer from SLA to Phoenix ensuring that Phoenix has full discretion over marketing and communications. This will support the delivery of a more cohesive experience for customers, clients and their advisers. By investing in the Standard Life brand, Phoenix will accelerate the delivery of a broader set of product and service propositions and be better positioned to take advantage of opportunities arising through the shifting landscape of the long-term savings and retirement market. Phoenix will continue to partner with SLA to design and provide investment solutions for its customers. Through this transaction, Phoenix will receive GBP115 million of cash consideration, ownership of the Standard Life brand, and Phoenix and SLA will resolve all legacy issues in relation to the Transitional Services Agreement entered into in connection with the Acquisition ("TSA") and the CSPA. The majority of the cash consideration is payable upon announcement of the transaction, while completion of the sale of the investment and platform-related products will be effected through a Part VII transfer targeted in late 2022. The impact of the transaction on the Group's Solvency II surplus and Shareholder Capital Coverage Ratio as well as IFRS operating profit is expected to be broadly neutral, with a net circa GBP0.2 billion reduction in long-term free cash. Andy Briggs, CEO of Phoenix Group, commented: "This agreement is a natural progression of our strong Strategic Partnership with SLA and significantly simplifies our relationship. I am delighted that Phoenix now owns all of the Life and Pensions business of Standard Life, including the brand and all distribution and marketing, and we are committed to investing in this business. This will enable Phoenix to accelerate the delivery of a broader set of product and service propositions to meet the financial needs of our customers as they journey to and through retirement. This is therefore a key enabler of our Open business growth strategy and will support the delivery of incremental new business long-term cash generation. I look forward to continuing to work with Stephen and his team to execute against our respective growth ambitions and deliver Phoenix's purpose of helping people secure a life of possibilities." Stephen Bird, CEO of Standard Life Aberdeen, commented: "This agreement builds on the strong foundations of our long-standing relationship with Phoenix and the simplification of our Strategic Partnership enables both groups to focus the partnership on the provision of Standard Life Aberdeen's high-quality asset management services to Phoenix and its customers. I am also delighted that Phoenix has agreed to extend our Strategic Asset Management Partnership until 2031 and believe this is testament to the expertise and excellent service ASI delivers as a leading asset manager. Given the growth ambitions of the Strategic Partnership, SLA remains committed to its strategic investment in Phoenix and I look forward to continuing to work in partnership with Andy and his team in the years ahead." Details of the transaction -- Sale of Wrap SIPP, Wrap Onshore Bond and TIP: Phoenix has agreed to sell its Wrap SIPP, Wrap Onshore Bond and TIP businesses to SLA. These propositions predominantly comprise products sold via SLA's Wrap platform. As at 30 September 2020, these businesses had assets under administration of GBP27 billion and year-to-date new business had contributed 29% (GBP1.8bn) of gross inflows and 4% (GBP18 million) of incremental long-term cash generation. The economic risk and reward in these businesses will transfer to SLA with effect from 1 January 2021 with the legal transfer to follow by a Part VII transfer scheme targeted for completion in late 2022. -- Client Service and Proposition Agreement: The CSPA between Phoenix and SLA will be dissolved under the terms of the transaction, resulting in significant operational simplification. As a result, SLA's rights of first refusal to provide advice or non-insured savings products where they are to be offered as part of any future long-term savings proposition will be removed and responsibility for distribution and marketing will transfer to Phoenix. The CSPA will continue to operate in the short term on a transitional basis predominantly for those elements supporting the Wrap SIPP and Wrap Onshore Bond products prior to completion of their sale. -- Standard Life brand and marketing: As part of the transaction Phoenix will receive ownership of the Standard Life brand which it currently uses under licence. Phoenix expects transfer of the brand for most parts of the business and the standardlife.co.uk website by mid-2021. As a result, the end-to-end experience of our SLAL customers will be managed solely by Phoenix, resulting in a more streamlined, multi-channel customer experience. This will also involve circa 60 new colleagues joining Phoenix at its operational headquarters in Edinburgh as marketing, distribution and data team members supporting the Workplace and CS&I propositions move from SLA to Phoenix. -- Transitional Services Agreement: The TSA between the two groups will come to a close and both parties have agreed a timeline for separation by 2022 to ensure a smooth transition. This also concludes all legacy issues relating to services and expenses in relation to the TSA, CSPA and certain other agreements between the two groups entered into at the time of the Acquisition. -- Strategic Asset Management Partnership: The transaction reaffirms Phoenix's strategic asset management partnership with ASI by extending core components of the asset management partnership for a further 2.5 years from August 2028 to February 2031. Smaller Related Party Transaction SLA is a related party of Phoenix for the purposes of the Listing Rules. The transaction falls within Listing Rule 11.1.10R (smaller related party transactions) and this announcement is made in accordance with Listing Rule 11.1.10R(2)(c). HSBC Bank plc has provided written confirmation to Phoenix pursuant to LR 11.1.10R(2)(b) in its capacity as Phoenix's sponsor that the terms of the transaction are fair and reasonable as far as the shareholders of Phoenix are concerned.
skinny
19/2/2021
16:10
Still no official update on deal to sell the Standard Life name. Assume there'll be something from Phoenix by the time of final results on 8th March, if not before.
bluemango
16/2/2021
12:18
There are areas of the Standard Life Aberdeen website that refer to terms and conditions that apply to SLA AND Phoenix. I thought that was strange and assumed they had Phoenix managing some stuff for them, now it seems it may have also been preparatory.
fenners66
16/2/2021
10:53
A different take here, on the Standard Life story. "Standard Life already sold its insurance arm to Phoenix in 2018. Standard Life Aberdeen took a significant stake in the provider as part of that deal. The Phoenix business only benefits from scale, so Standard Life Aberdeen may cash in by proxy through selling more parts of its business to the provider, since that may see Phoenix’s share price rise" hTTps://moneymarketing.co.uk/opinion/blog-standard-lifes-uncertain-future/
bluemango
12/2/2021
08:53
I don't see the point - yet. Buying a brand name or buying it and its AUM? As a result of the failed merger of SL and Aberdeen. So Phoenix wants to repeat ?
fenners66
12/2/2021
06:32
A new ticker would be a damn nuisance as it would mean a new thread. One of the most useful features is "Search this thread".
jonwig
11/2/2021
22:57
Risk profile changing at Phoenix with this shift towards running brands and writing new policies.
boonkoh
11/2/2021
22:07
Strange - does imply permanence for PHNX rather than being a run off vehicle Presume we will get a new ticker too
williamcooper104
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