Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Group 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
  +0.50p +0.06% 790.50p 788.00p 789.00p 793.50p 787.00p 790.00p 915,021 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 6,084.0 -7.0 -7.0 - 3,108.53

Phoenix Group Share Discussion Threads

Showing 2701 to 2724 of 2725 messages
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DateSubjectAuthorDiscuss
18/5/2018
09:06
Interesting article on the global life insurance industry with contribution by Phoenix CEO, Clive Bannister... The life-insurance industry is in need of new vigour - HTTPS://www.economist.com/finance-and-economics/2018/05/19/the-life-insurance-industry-is-in-need-of-new-vigour
speedsgh
18/5/2018
08:05
@ ianood - yes, that's the logic. Thanks for confirming. Wasn't worth an RNS, then!
jonwig
18/5/2018
07:57
jonwig - as a rule of thumb anything that de-risks the scheme is done at a cost to the scheme. In this case, I believe that put simply, PHNX are being paid for assuming the scheme's payment v mortality risk after an agreed age.
ianood
18/5/2018
06:54
@ yupa, jeff - thanks for those links. Being a bit ignorant of how a BPA works, I've found this as maybe the clearest explanation: Https://www.ftadviser.com/2013/10/02/pensions/annuities/which-bulk-buy-is-the-best-deal-wDzHC0Pk3rMVuN0qw6M9rI/article.html But who is paying the £470m to whom? Logically it seems to me that M&S is de-risking its pension scheme and should be paying Phoenix the premium. Presumably this is big enough to warrant an RNS, this morning?
jonwig
17/5/2018
21:58
Http://www.thephoenixgroup.com/~/media/Files/P/Phoenix-Group-v3/Attachments/press-releases/pr-2018/pr-17-05-2018.pdf
jeff h
17/5/2018
21:08
hTTps://finance.yahoo.com/news/m-transfers-1-4-billion-102431545.html
yupawiese2010
13/5/2018
11:27
Indeed hvs. London can be a very lonely planet.
lord gnome
13/5/2018
10:07
Very good idea. They should bring it to London.
hvs
11/5/2018
12:16
Nice idea for the elderly. Hope it benefits many of them in Wythall: Current figures suggest there are 10.8 million over 65’s in the UK, 3.8 million of whom live alone. One million older people say they always, or often, feel lonely, and 17% see their family, friends or neighbours less than weekly. The ‘walking friends’ concept builds on the idea that establishing community programmes based around the simple act of going for a local walk with a companion could help to tackle loneliness. Phoenix Group’s corporate responsibility strategy is all about wellbeing, promoting the importance of physical, mental and financial matters. This new walking initiative touches on many of these points, by helping to reduce isolation in the local community, encouraging new friendships, increasing exercise and appreciating and discovering natural points of interest, thus helping to reduce the risk of depression and dementia. The project also involves Wythall Parish Council, the community dementia café and other local businesses to help promote the launch. Http://www.thephoenixgroup.com/~/media/Files/P/Phoenix-Group-v3/Attachments/Press%20Release%20-%20Wythall%20Walking%20Friends%20Press%20Release%20-%209%20May.pdf
lauders
10/5/2018
14:30
@ p49b - I reckon it's only a few percent of £959m so I doubt I would bother. In any case, I sense a bear growling in the woods.
jonwig
10/5/2018
11:35
Just to add to #2703: the PHNX RNS on 23 Feb was made when the share price was around 750p, so the calculation would have been (assuming 1:2) as follows: Existing shs ... 393.26m @ 750p RI shs ......... 196.63m @ 483p Total .......... 589.89m @ 661p SLA award ...... 147.38m @ 661p = £974m, which looks about right. But, now that the PHNX share price has risen to around 795p, SLA are indeed getting their shares on the cheap! If the PHNX share price had fallen in the interval, the opposite would have been the case. They could rectify the situation by accepting that they need to raise less that £950m or by reducing the cash consideration - I doubt either will happen!
jonwig
10/5/2018
08:42
My thinking and I does not have a good brain says the issue price for the rights will be at least £ 6.50 and it could well be one for three. Lets see what happens.
hvs
10/5/2018
08:21
Hyden - thanks for your input. However, it's my understanding that the RI will raise £950m gross - ie. if 1:2 it will be at 483p, with ex-r price 686p. (It usually is that way, but the relevant RNS has nothing to say on the matter.) So the issue costs (your £50m) are borne from that gross sum. In general, I'm pretty confident that if a share issue is made to some or all shareholders, each holder who is involved must get the same price terms. Your rationale appears, loosely, to suggest that SLA will get its shares after existing shareholders have forked out the issue and underwriting fees. Anyway, all should be clearer with the circular - at least for those who plough through the whole thing!
jonwig
10/5/2018
01:47
Hyden,Good work.Looking at your assumpions,seeing the 2016 RI price was 508p.Quite possibly on the money.But all will be confirmed around May 29/30.
garycook
09/5/2018
21:40
By my calculations Standard Life will effectively receive a 6.5% discount for their holding and here's how: What we know today: Acquisition Price =£2.93bln Cash element = £1.971bln Leaving £0.959bln to pay in shares (2.93 less 1.971) Standard Life will own 19.99% of the enlarged Group Current Shares in issue = 393,259,232 Current Share Price = £7.89 My assumptions: The Rights Issue will be at 1 for 2 The underwriting fee will be in the region of £50m My calculations: 393,259,232 x 1/2 = 196,629,616 Rights to be issued 393,259,232 + 196,629,616 = 589,888,848 shares in issue, post Rights 589,888,848 x (1/(1-19.99%)-1) = 147,380,053 additional shares to be issued to Standard Life, post Rights Check: 147,380,053 / (589,888,848 + 147,380,053) = 19.99%, which is correct. £0.959bln / 147,380,053 = £6.51 per share, effective price paid by Standard Life (£0.95bln + £50m) / 196,629,616 = £5.09 payable per Right 393,259,232 * £7.89 + 196,629,616 * £5.09 / (393,259,232 + 196,629,616) = £6.96 TERP So, if my assumptions prove to be correct then the Rights Issue Price will be approximately £5.09 and the theoretical Ex-Rights price will be £6.96, giving Standard Life a 6.44% discount to the post Rights Issue share price. Now, should my assumptions prove to be incorrect then varying the Rights (eg: 3 for 5 or even 4 for 7) will not impact the discount enjoyed by Standard Life. However, varying the fee will have a very minor impact upon the discount enjoyed by Standard Life (e.g. a 10% uplift in the fee produces a 12 basis point uplift in the discount).
hyden
09/5/2018
20:05
@ hvs - not allowed to: must treat all holders equally.
jonwig
09/5/2018
19:36
Will they be given any discount ?
hvs
08/5/2018
18:36
Standard Life Aberdeen, hvs. And it will be via new shares issued as part of the deal terms so the price is what it will be after the Rights Issue.
hyden
08/5/2018
16:52
Scottish Life Aberdeen is going take a 20% holding in phnx so we have also to see at what price.
hvs
08/5/2018
16:42
@ grahamb - your reasoning is correct, for a non-holder who wants to buy. He can either spend (say) £1,000 now plus £x later for the rights, or the whole lot, £(1,000 + x) once the shares go ex-rights. There are lots of variations on the theme (buy nil-pd, etc.) but which route you take depends on your view of how the share price will move between now and ex-date.
jonwig
08/5/2018
16:07
Don't quite follow your proposal, gary. The rights issue is designed to raise £950m. There are 393m shares (approx.) in issue which means that shareholders who take up their rights entitlement in full can expect to pay the equivalent of £2.42 per EXISTING share held. In effect, if one held 1,000 shares the total cost of the rights would be £2,420. There isn't, so far as I am aware, any guidance as of now on how the rights will be structured (eg 1 for 1, 1 for 2, 1.5 for 2 etc etc), though logic suggests, given the current share price that it may well be in the region of between 1 for 2 and 1 for 2.5 a shareholder's current holding, giving a price per rights issue of between £4.84 and £6.05. However, whatever the ratio, the actual cost will be equivalent to £2.42 per existing share held. Until the prospectus is issued, it's impossible to say to bothdavis "Buy 700 shares now and then you'll get 300 rights issue shares." All that one can say definitively is that if he wishes to invest around £7,000 then he could, as you say, buy 700 at 775p (costing him £5,425. His rights will then cost him 700 x £2.42 = £1,694. The actual number of new shares he is entitled to is as of now unknown, as is his resultant average price. Please correct me if I have misunderstood your proposal.
grahamburn
08/5/2018
03:17
bothdavis,Personally I would buy in now,and you will qualify for the discounted Rights Issue.So however many you want to purchase deduct around 30% to pay for the Rights,which could be around the 540p mark.eg You want to own 1,000 PHNX shares costs £7750.But only buy 700 now @ 775p = £5,425,and you will get to buy 300 Rights shares around 540p = £1,620.So for around 1000 shares you are only paying around £7,045,and a average price of 704.50p.PHNX yearly low is 719p.I cannot see PHNX dropping to that level after the RI,but your guess is has good as mine.Bare in mind the RI price could be anything between 500-580p.The 2016 PHNX RI price for Abbey Life was 508p,and the lowest level PHNX reached after was 697p on 12/12/2016. I hope this helps your decision DYOR.
garycook
07/5/2018
22:17
Am looking to buy into Phoenix, should I wait until Standard Life purchase/integration is done and dusted or will the share price drop due to extra shares in the market? Or will the share price rise further due to increase of longevity of dividend payments?
bothdavis
04/5/2018
14:54
Thank you blue.
hvs
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