Phoenix Share Discussion Threads

[scburbs] 05/3/2013 09:32

zcaprd7,

The 2012 results are 22nd March (23rd last year) and the dates will be confirmed then. I expect that ex-div and payment dates will be similar to last year which were 4th April (ex-div) and 8th May payment.

[zcaprd7] 05/3/2013 08:54

Any news on the dividend dates?

[zcaprd7] 23/2/2013 13:58

52 week high...

[jonwig] 22/2/2013 16:13

Not quite - it was nearly 800p in 2009, but not bad progress anyway!

"Amendment Conditions Precedent" in today's RNS - see p246 of circular.

[robsy2] 21/2/2013 17:53

I agree Scburbs.Strong dividend,great asset backing, simple business model, not many moving parts for management and upside as well.Must be tempting
R2

[scburbs] 20/2/2013 17:54

As another high yielder bites the dust (RSA), shares like PHNX and RSL where there is real commitment to the dividend should benefit.

[zcaprd7] 20/2/2013 16:22

Very nice technically...

[ursus] 20/2/2013 15:39

to err... is human, phil

[jonwig] 19/2/2013 09:05

ursus - I can't find any lock-ins in the Circular, but Och-Ziff are picking up a very nice 'structuring fee' of £5m!

[caradog] 18/2/2013 15:26

Vraic

Sent you a private message

[ursus] 18/2/2013 15:23

jonwig - the unplaced shares end up with och ziff via the underwriters. do you know what if any restictions these will have on when they can be traded?

[vraic] 18/2/2013 14:56

Caradog My policy is with London Life it appears the problem cant be fixed,
same problem as a year ago.I wanted my annual bonus statement early Dec 2012.
I was told due to problems we are having with our system not all of the figures on the statements that should automatically be produced are correct.
Statements are being produced manually for these particular contracts.
Chap who phoned me back was very sorry but I felt the problem wasnt about to be put right and I would be on the phone again early December 2013.
My statement arrived second class post 13 Feb 2013 almost 10 weeks late.

Without a lot of calls and threats I probably wouldnt have anything at all.

who is your policy with?
T

[jonwig] 18/2/2013 07:17

The capital raising is closed, with over 2.5m open offer shares not taken up. So that's a free ride of about £1.30 per share not taken.

Some people ...

[jonwig] 15/2/2013 12:43

zc - they haven't said, but the new shares will qualify.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
IC summary (free, not subscription):


■ Equity placing to raise £250m

■ £450m early debt repayments

■ Dividend restrictions eased

Phoenix Group Holdings (PHNX) has announced a plan to reduce debt levels, extend the maturity of a banking facility and boost the dividend payout. The package - which shareholders will vote on at a meeting on 19 February - involves a placing and open offer designed to raise £250m, which Phoenix will use together with existing resources to pay down £450m of debt, leaving the closed-life fund specialist with outstanding debt of £1.86bn.

Crucially, this will do away with certain covenant restraints on existing loans that place a cap on the pace of dividend growth. So, subject to shareholder approval and the group's trading performance, Phoenix expects to declare a final dividend of 26.7p per share for 2012, a rise of 27 per cent. Together with the interim dividend of 21p already paid, this would mean a payout of £125m, equivalent to a yield of 7.5 per cent, and a capacity to increase the payout by £10m a year thereafter.

The group is already highly cash generative, delivering £690m in 2012 and keeping the group on target to meet its objective of generating £3.3bn between 2011 and 2016. And Phoenix also has £1.2bn excess capital over the Insurance Group Directive minimum requirement.



Investec says...

Buy. Assuming the proposals are approved by shareholders, Phoenix offers an attractive income, which using our 27.9p a share forecast 2013 interim dividend, gives a forward yield of 8.7 per cent. And while the issue of extra shares will dilute earnings, our embedded value forecast of 1,026p for 2013 means that the shares are trading at a significant discount. Furthermore, the new shares are being offered at a 15.4 per cent discount to the 29 January closing price, which together with expected share price accretion offers shareholders a prospective total return for 2013 in the region of 17 per cent. Expect IFRS operating profits in 2012 of £417m, rising to £437m in 2013.



Berenberg Bank says...

Buy. Debt covenants restricting dividend payments to £72m, or 42p a share, no longer apply. Also, having better matched cash inflows with debt repayments, we believe that dividends will increase as leverage falls. Indeed, we have increased our 2013 dividend forecast by 27 per cent to 53.4p for a yield of around 8.5 per cent, with further increments expected after that. Accordingly, we believe that the deep discount on the shares to embedded value now looks unjustified, and we have revised our share price target to 700p.
TIP UPDATE

The new debt package should effectively remove doubts about the group's ability to meet its debt repayment schedule, as this has been pushed out to 2019. And with the removal of restrictive covenants, dividends have already started to rise significantly, which all suggests that the shares trade at an unwarranted discount to embedded value. At 629p, Phoenix shares are slightly down on our buy tip (659p, 10 June 2011), but we remain buyers and the open offer at 500p is worth taking up. Buy.

[zcaprd7] 15/2/2013 10:24

Double top? When is the dividend due?

[caradog] 11/2/2013 12:02

vraic

My experience as a customer has also been appalling. Looking to sell when a reasonable profit can be banked as the company will not do well in the long term if my customer experience is typical. Mail me via ADVFN if you want to compare notes.

[vraic] 11/2/2013 11:10

still waiting for paper work from December

see my note 5 th Feb

[philo124] 08/2/2013 15:01

HP - your broker was correct; sorry folks. Got another email correcting what was
stated.

[philo124] 06/2/2013 18:53

HP, I believe your broker is wrong as i have read the Action notice 14882.
Unless of course all have been taken up already.

[hpotter] 05/2/2013 15:58

re. 537.
I checked with my broker and they checked the paperwork and phoned me back.
They told me there are only open offer entitlement shares (0.194745 for 1 @500p) on offer, no others. (Unlike many open offers) there is no further excess application for any shares not taken up in the offer.

[vraic] 05/2/2013 15:31

prallum
I am also a long suffering policy holder, have asked for important paperwork
showing annual update due early December. Still waiting ,

Really gets to me, shareholders doing very well indeed.......Customers ?

[robsy2] 05/2/2013 15:18

thanks all
R2