Phoenix Share Discussion Threads

[skinny] 23/7/2014 08:42

It's ok here.

[fenners66] 23/7/2014 08:29

I it just me or has everyone's news monitor been hijacked by Alliance News - rendering the search for the above article - nearly impossible?

[chinese investor] 23/7/2014 07:59

Disappointing Start !

[scburbs] 23/7/2014 07:58

Further benefits of the Ignis disposal coming through. They appear to be able to get loads of debt at the drop of a hat! Certainly no leverage problems here anymore. It is pleasing to see that the deal provides for interest reductions as they degear or get credit rating. This means they won't need to refinance to benefit from the improving gearing position.

[rcturner2] 23/7/2014 07:32

Yep, I think the market will like this news.

[devoncop] 23/7/2014 07:27

Nicely done and gives the firepower going forward given the new guy's speciality is mergers and aquisitions.

Nice developments on this stock generally.

[scottishfield] 23/7/2014 07:15

Very good news indeed

[hvs] 23/7/2014 07:13

Very well done Bannister.

You is running.

[chinese investor] 23/7/2014 07:10

Excellent News !

[skinny] 23/7/2014 07:07

Phoenix Group Holdings ("Phoenix" and, together with its subsidiaries, the "Group") is today announcing a comprehensive refinancing of its senior debt structure, creating a new single debt facility while also reducing the Group's debt and gearing.

The refinancing is in line with the Group's strategy to simplify and strengthen the Group's balance sheet, supporting its aim to achieve an investment grade rating in the future. It also enhances Phoenix's ability to deliver on its ambitions to lead the consolidation of the UK closed life fund sector.

Highlights

· New £900 million, unsecured 5 year bank facility to refinance the entirety of the Group's existing two bank facilities and PIK notes, replacing the two legacy debt silos (Pearl and Impala) with a single debt facility
· £206 million prepayment of debt to be made on drawdown of the new facility. Total senior debt has therefore reduced from over £1.7 billion at the start of 2014 to £1.2 billion1, consisting of the new £900 million facility and the £300 million senior bond issued on 7 July
· Lower interest costs with ability for margin reductions if the Group lowers gearing and/or achieves an investment grade rating
· Supports Phoenix's sustainable dividend policy
· Strengthens Phoenix's financial flexibility to pursue its growth strategy of acquiring closed life funds



more....

[ursus] 22/7/2014 12:28

It's not just a question of triggering the next RNS obligation, though. Dale had 13.3m to knock out as of 14/7. So unless he can find a buyer of most/all (which he has not done for last 3 mths), then there is a long haul till this overhang goes.

[gary1966] 22/7/2014 12:15

Just looked back at the volume since the cut off from the previous holdings announcement. Hadn't realised how poor it was until today and so holdings RNS could be further away than I thought, unless today's volume is repeated over the coming days. Anyway as I said there seem to be willing buyers happy to take the shares and that is the most important thing.

GLA

[aleman] 22/7/2014 11:54

The share price is just sitting on support it formed in the first half of 2013 around 640p. This is good if you are a bull since it is also in 12 month old downtrend but that 640p support has slowly lifted the shares into the top half of that downtrend. The shares are in a triangulation (formed between the two) that is tightening as the 2nd half of 2014 progresses. One of these will have to give way in coming months, perhaps driven by results, an acquisition or interest rate changes. The target prices look to be back up to 780p or a fall to around 560p.




My thought is that PHNX may already be starting to strengthen a touch, along with other yield stocks that have risen slightly in the last 3 or 4 weeks, thanks to medium and longer term interest rates drifting back down in the last month. Speculation that base rate will rise soon seems to be fading as doubts come through about the very positive pre-election economic numbers that don't yet seem to have correspondingly positive corporate results. (UK earnings are flat, and dividend increases easing down to only about 5%, from about 5% and 8% expected 6 months ago. This is an odd acceleration of UK economic growth.)



The 560p target seems more likely if the main indices fall through their 200-day averages. The main indices' momentum has weakened lately and moving averages have become very narrowed. A drop through the 200-day might normally have been expected (perhaps to around 14k?) on recent patterns (see 2011) but a correction hasn't happened yet and vested interests will be working very had to prevent this ahead of an election.

FTSE Midcap Index

[ursus] 22/7/2014 11:51

If they're drip feeding the market, they don't have to notify until they have sold another 2.2m shares (approx)since their last RNS

[gary1966] 22/7/2014 11:39

I suspect it is TDR Capital nominees selling again and have set a price around 650p. I would expect an RNS over the next week or so. Good news is that there are a lot of willing buyers.

[fenners66] 22/7/2014 11:06

Is someone keeping a lid on this one?
Share price seems locked in a range.

[hvs] 21/7/2014 09:40

Where is the IDIOTS ?

[hvs] 18/7/2014 10:13

17 Jul 14 Phoenix Group... Berenberg Buy 647.00 750.00 750.00 Upgrades
01 Jul 14 Phoenix Group... Canaccord Genuity Buy 647.00 800.00 800.00 Reiterates
18 Jun 14 Phoenix Group... Canaccord Genuity Buy 647.00 800.00 800.00 Reiterates
17 Apr 14 Phoenix Group... Berenberg Hold 647.00 750.00 750.00 Reiterates
31 Mar 14 Phoenix Group... Canaccord Genuity Buy 647.00 865.00 800.00 Reiterates
28 Mar 14 Phoenix Group... Deutsche Bank Hold 647.00 775.00 775.00 Reiterates
26 Mar 14 Phoenix Group... Canaccord Genuity Buy 647.00 865.00 865.00 Reiterates
24 Mar 14 Phoenix Group... Canaccord Genuity Buy 647.00 865.00 865.00 Reiterates
20 Mar 14 Phoenix Group... Canaccord Genuity Buy 647.00 865.00 865.00 Reiterates
20 Mar 14 Phoenix Group... Barclays Capital Underweight 647.00 613.00 571.00 Reiterates
05 Mar 14 Phoenix Group... JP Morgan Cazenove Overweight 647.00 915.00 915.00

[garycook] 18/7/2014 06:56

Topped up.Great yield!!!

[cwa1] 17/7/2014 08:12

For the very little that it is worth it looks as though Berenberg have upgraded their opinion on PHNX from hold to buy, keeping the target price of 750p:-

17 Jul 14 Phoenix Group... Berenberg Buy 655.00 750.00 750.00 Upgrades

[hvs] 14/7/2014 20:33

lol !!!!!

lol !!!!!!!!

So like they say you is not looking at the gift horse in the mouth.

Like I said best u stick to the building society.

I think I is politically correct ?

You is free to correct me though.

As I is filtered would you like one or two SUGARS any milk or just BLACK ?

[wllmherk] 14/7/2014 20:25

I filtered him a few years back.

wllm

[kenny] 14/7/2014 09:23

Thanks guys for the advice. I have never before filtered anyone but have been moved to do so in relation to hvs. Now that I have done it to hvs, it feels good because, after all, I will hardly be missing any deep insightful analysis!

[rcturner2] 14/7/2014 08:54

Kenny, understandable viewpoint. The quality of posters is often a good guide to a share's prospects!