Phoenix Share Discussion Threads

[bluemango] 04/5/2018 13:39

Just had it confirmed, Rights Prospectus to be issued soon after 29th May with Rights probably being issued/taken up during first two weeks of July.

[jonwig] 03/5/2018 15:16

@ hvs - you're probably right. About 300 pages altogether, then. I for one won't be reading more than a dozen of them!

[hvs] 03/5/2018 14:47

The rights issue prospectus and the SLA purchase prospectus are 2 totally different issues.

[bluemango] 03/5/2018 14:04

At least it gives shareholders more time to save up for taking up the Rights!

Planning to take mine up in full, hard to find a more solid and decent income earner these days.

[jonwig] 03/5/2018 13:28

@ bluemango - yes, the 13 April RNS was clear it would be the 4th. Regulatorsmore complex than thought?

[bluemango] 03/5/2018 12:52

So the whole process seems to be delayed with prospectus now published 'shortly after 29 May' rather than tomorrow as planned.

[speedsgh] 03/5/2018 12:41

Update on Standard Life Assurance Transaction -

Standard Life Aberdeen plc ("Standard Life Aberdeen") and Phoenix Group Holdings ("Phoenix") are providing an update regarding the proposed sale of Standard Life Aberdeen's UK and European insurance business ("Standard Life Assurance") to Phoenix (the "proposed transaction"). As previously announced, the proposed transaction is expected to complete in the third quarter of 2018.

Phoenix and Standard Life Aberdeen are actively progressing with the separation and integration planning for the proposed transaction. As part of this process, Standard Life Aberdeen continues to engage with its UK regulators in relation to the future prudential supervision of the group. Standard Life Aberdeen is also considering the potential for a substantial return of capital to shareholders following completion.

Phoenix has made good progress with the financing for the proposed transaction, having issued its inaugural Restricted Tier I bond on 26 April 2018, and continues to engage with its regulators.

It is expected that the general meetings for each of Standard Life Aberdeen and Phoenix shareholders to approve the transaction will be held contemporaneously. It is expected that the parties' respective circulars and the Phoenix prospectus will be published shortly after 29 May 2018, which is the date of Standard Life Aberdeen's annual general meeting. The general meetings of Standard Life Aberdeen and Phoenix to approve the proposed transaction will take place as soon as practicable thereafter, in line with conventional notice periods.

[grahamburn] 02/5/2018 17:21

Maybe because she is also a director at Aviva Insurance Ltd.

[stun12] 02/5/2018 16:45

Haha, pj, I was wondering much the same. She seems an innocuous enough NED with some decent insurance sector involvement (SCOR and Aviva). 18m votes against (though still 93% acceptance)? Blimey.

[pj fozzie] 02/5/2018 16:17

Looking at the voting from the AGM today, I can't help but wonder what Kory Sorenson did to upset some of the shareholders. Anyone have a clue?

Cheers,
PJ

[jonwig] 02/5/2018 14:40

@ Skinny - Sorry! I saw your post and saw the RNSs then never read them ... mea culpa. I need to keep up.

[skinny] 02/5/2018 13:03

See post 2675 :-)

[jonwig] 02/5/2018 12:53

I hadn't read this morning's board announcements. The FT says;

Phoenix, the UK based life insurer, is to lose two of its most senior board members in the midst of its biggest ever deal.

The company said on Wednesday that chairman Henry Staunton would not seek to renew his position when his current three year term of office expires in August. He will remain in the job until a replacement is found.

Ian Cormack, Phoenix’s senior independent director, left the company at Wednesday’s annual meeting. His departure was announced in March.

Phoenix in March announced the £3.2bn acquisition of Standard Life Aberdeen’s insurance business in a deal that chief executive Clive Bannister called “a game changer”. The company’s customer numbers will jump from 6m to 10m, while its assets will increase from £74bn to £240bn.

The deal, due to complete later this year, will be part funded by a £950m rights issue.

Mr Staunton on Wednesday said: “I have hugely enjoyed my time at Phoenix and I leave it a stronger and financially more resilient business, with its market capital more than double from the start of my tenure should the Standard Life acquisition complete.”

[jonwig] 02/5/2018 12:49

@ GARY - that looks like around 5-for-11. I suppose, as someone remarked earlier, they'll choose a complicated number.

I'd like them to do something simple such as 1-for-2 at 484p. Doubt it, though.

We can be sure the price won't be set much lower. If it is, that will mean issuing a lot of shares, so large holders will have proportionally bigger voting power. Not necessarily a good thing!

[garycook] 02/5/2018 12:28

Anyone want to guess the Rights Issue price.Mine is 528p

[jonwig] 02/5/2018 10:41

@ MRF - when they get the circular (pub. Friday) - maybe on Monday next?

[my retirement fund] 02/5/2018 10:19

Does anyone know when we will be likely to see a corporate action request from our brokers to participate in the offer ?

[hvs] 01/5/2018 18:01

Chart pointing in the rights direction.

From past experience the shares will go ex rights when the prospectus is out as
shares will be allocated to existing shareholders on that date.

[jonwig] 01/5/2018 15:03

@ schofip - it varies. Anyway, the full RI prospectus should be published this Friday (4th) with the GM on the 29th. I guess the GM will pass as a formality, since there's been no public dissent (in the FT, say) and a fair proportion of votes are 'captive'.

[schofip] 01/5/2018 14:48

When would these shares normally go ex-rights. Is it on the date of publication of the prospectus, a previous date or a future date.

[edmundshaw] 01/5/2018 12:08

Price rise is for me a good opportunity to drop a few shares prior to the Issue...

[hvs] 30/4/2018 19:54

Its got the right name hasnt it ?

Like mentioned the rights issue will fly.

[jonwig] 30/4/2018 11:50

@ poacher - 'cynical' wouldn't be the word I'd use. The rights issue is already fully underwritten.