Phoenix Share Discussion Threads

[ianood] 30/4/2018 11:49

poacher - it's only in line with the market and the sector. The rights will most likely be done at a discount and fly!

[poacher45] 30/4/2018 11:47

In my opinion the price is being walked up to get the rights issue away. Call me cynical.

[hvs] 30/4/2018 11:43

Its looking positive here.

[garycook] 24/4/2018 03:29

bluemango,Totally agree that the Rights will not have to be paid for now until after 29/05,and possibly June.

[hvs] 23/4/2018 18:00

Thank you everyone for clarifications.

Very good thread.

[bluemango] 23/4/2018 17:56

Yes, to clarify, the Rights Transaction timetable has been delayed slightly from the original dates outlined in Feb and copied in Gary's post above. But as he correctly states at the beginning of his post, the prospectus will now be published on 4th May (week on Friday), with vote on 29tb May, so presumably the Rights will need to be paid around mid June?

[pj fozzie] 23/4/2018 17:11

Ah - I got that a bit wrong. It's the shareholder vote on the whole takeover/RI at the end of May. As highlighted above - details published on Star Wars day (May the 4th ....)

Cheers,
PJ

[hvs] 23/4/2018 13:44

Thank you Gary makes it a lot clearer

[fenners66] 23/4/2018 11:58

If you contact an execution only SB they probably just look on the corporate action tab of their own website and tell you FA anyway.

[garycook] 23/4/2018 11:40

hvs,Details,and a timetable of the Rights Issue for PHNX,will be announced on Friday May 4.Ask your Stockbroker to keep up to date.By the way who is your incompetent SB ?

Phoenix Group Holdings Acquisition of Standard Life Assurance
23/02/2018 7:01am
UK Regulatory (RNS & others)



Transaction Timetable

Due to its size, the Acquisition is categorised as a "reverse takeover" under the Listing Rules and is therefore subject to the requirements of a Class 1 transaction, including being conditional upon the approval of Phoenix's shareholders. The listing of Phoenix's ordinary shares (including the new ordinary shares proposed to be issued pursuant to the Rights Issue and as consideration to SLA) (the "Ordinary Shares") on the premium listing segment of the Official List will be cancelled upon completion of the Acquisition ("Completion"). Applications will be made to the UK Listing Authority for the Ordinary Shares to be re-admitted to the premium listing segment of the Official List and to the London Stock Exchange for the Ordinary Shares to be re-admitted to trading on the main market for listed securities (together, "Re-admission"). Re-admission is expected to occur immediately following (or as soon as practicable after) Completion.

The Acquisition is categorised as a Class 1 transaction for SLA and so will also be conditional upon the approval of SLA's shareholders.

Phoenix expects to publish a combined shareholder circular and prospectus (the "Circular and Prospectus") for the Acquisition and Rights Issue in mid April 2018, with SLA expected to publish its Class 1 circular at a similar time. The respective shareholder votes will follow at general meetings expected to be convened in early May 2018, with the Rights Issue launching once the requisite resolutions are passed, and commencement of trading in new fully paid shares expected mid May 2018. Completion of the Acquisition is expected during the third quarter of 2018.

[hvs] 23/4/2018 11:34

Thank you pj

[pj fozzie] 23/4/2018 11:30

Yes - but that's not the question to ask. He's probably answering the question "Is there a rights issue, right now?" Rather than "Is there a rights issue going to be confirmed with full details in the near future?"

Actually - a half decent Broker would probably be aware of the wider situation and give you a better answer - I'm trying to give him the benefit of the doubt, but as I type this I'm unable to avoid the conclusion that he's probably clueless.

There will be a rights issues - full details of the timetable will be out at the end of May.

Cheers,
PJ

[hvs] 23/4/2018 11:15

My broker has told me that there is no rights issue. Is this correct ?

[lauders] 21/4/2018 02:08

Thank you from me too Gary. Isn't anyone a tad concerned about the level of complaints PHNX seem to be receiving per the article in post #2644 by speedsgh? I was under the impression that customer service was a top-priority for the company but the info in the post seems to be a bit of an eye-opener. Perhaps it is just because they have so many issues to deal with per the previous companies that they acquired?

Still think our CEO Clive Bannister is impressive when I hear him talk about his/our company!

[pj fozzie] 20/4/2018 16:43

Ah - cool, thanks Gary. So looks like I'll have enough cash in my SIPP from various dividends to take up the full number of rights without selling anything.

Cheers,
PJ

[garycook] 20/4/2018 16:16

pjf.Just times the amounts of share you own by £2.42.So £1000 is roughly 128 x 2.42 = £310

[hvs] 20/4/2018 16:06

I think it could shares for two u hold.

Not sure but could be possible.

[pj fozzie] 20/4/2018 16:03

Anyone got a rough idea of how much cash will be required to take up the rights? (Approximately) Likely cost per £1000 worth of shares? I'd like to have at least some notion of how much I need to put aside over the next month or so.

Cheers,
PJ

[garycook] 20/4/2018 16:00

Speeds,I had a reply from PHNX,and there is a Shareholder vote,which follows after a General meeting on May 29.So I would assume to approve the RI and that confirms that payment for the RI,should around the end of May.

[hvs] 20/4/2018 14:54

Phoenix top as FCA complaints hit 3.8 million

Moan and groan everyone wants money for nothing.

[speedsgh] 20/4/2018 14:18

Yes, last time PHNX had a RI in Oct 2016 (for Abbey Life acquisition), there was ca. a month between date of release of prospectus to date funds had to be lodged to take up rights. So most likely start June deadline for coughing up for rights this time round imo.

[garycook] 20/4/2018 13:49

Speeds,Thanks.So the payment of the Rights Issue could now be in June.Just trying to calculate that dividends I have coming will cover my Rights to buy.

[speedsgh] 20/4/2018 13:31

@GARYCOOK...

Restricted Tier 1 Roadshow Announcement (13/4) -

... Further to the announcement of the proposed acquisition of Standard Life Assurance on 23rd February 2018, Phoenix expects to publish a combined circular and prospectus on or around 4th May 2018 and the shareholder vote will follow at a general meeting to be held on 29th May 2018.

[garycook] 20/4/2018 13:23

Has the Rights Issue been put back ? And if so does anyone now know the dates when the Rights Issue will require payment.

[speedsgh] 20/4/2018 12:21

Phoenix top as FCA complaints hit 3.8 million -