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 Shares Traded Last Trade
  -4.00p -0.65% 611.50p 642,759 16:35:26
Bid Price Offer Price High Price Low Price Open Price
613.00p 613.50p 617.00p 606.50p 617.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 6,084.00 -7.00 -7.00 4,409.8

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Date Time Title Posts
17/10/201814:39PHOENIX GROUP ::::::::: Zombie Fund3,062
02/3/201616:56Phoenix Group latest news and comments-

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Phoenix Group (PHNX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-10-19 16:06:22611.508004,892.00O
2018-10-19 15:52:54613.004002,452.00O
2018-10-19 15:52:46612.758004,902.00O
2018-10-19 15:52:37613.251167.46O
2018-10-19 15:52:36611.0017103.87O
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Phoenix Group (PHNX) Top Chat Posts

Phoenix Group Daily Update: Phoenix Group is listed in the Life Insurance sector of the London Stock Exchange with ticker PHNX. The last closing price for Phoenix Group was 615.50p.
Phoenix Group has a 4 week average price of 606.50p and a 12 week average price of 606.50p.
The 1 year high share price is 820p while the 1 year low share price is currently 606.50p.
There are currently 721,150,927 shares in issue and the average daily traded volume is 1,137,909 shares. The market capitalisation of Phoenix Group is £4,409,837,918.61.
jonwig: Well, so did I sell my np ... and the last one! Whilst I think PHNX is a great company, well-managed and extracting lots of value from acquisitions, its assets are bonds and shares. If you believe both markets are grossly overvalued, it makes some sense. Its capital surplus is probably not going to be stretched but the same can't be said of its share price. In a severe market correction, its share price will suffer. Note to Skinny: "has enough already". More or less my situation: preservation.
nobbyx: Companies wish to raise a certain sum and then decide on the discount to the prevailing share price they have to set on the issue to get it away. That determines the number of shares at that price they must create, and the ratio is what falls out of this. They don't ask themselves what would be a nice round number ratio to make the calculations of some small shareholders easier and then adjust the number of shares in the issue and the issue price accordingly. Horses before carts, please!
hvs: Looking forward to the ex-rights price action. I have no idea at all what it's going to do. This is something you hold long term. The deal they have just done will work wonders for share price in due time. Meanwhile enjoy the juicy yield. Meanwhile the prospect of PHNX joining the FTSE 100. Patience is needed not patients.
garycook: Pierre O'Reilly.The last PHNX RI was issued on 28/09/2016,at 508p and until payment day PHNX only dropped to a intraday low of 699.90p on the 02/11/2016.On the Nil paid Rights day on 25/10/2016.The PHNX share price ranged from 730p to 780p,and finished at 755p.PHNX share price has only dropped below £7 once since until now on 12/12/2016 at 697.50p The Offical Nil Rights price on 22/06 is 691p.Mr O'Reilly if PHNX drops to 518p,then you need to buy as many as you can afford,because PHNX at 518p will not be at that price very long if at all.IMHO around the £7 area is as low as the PHNX share price will go Sir !!!
garycook: Hi,Would it be possible now the Phoenix RI has been announced to tell me what the yearly Dividend will be.There is £338 Mill to be divided by the New shares in issue inc.Stanard Life Aderdeen,s which is 720,890,689 shares,which would equate to a Dividend of 46.88p according to my calculations.Can you confirm this is correct.Thanks in advance Gary Cook. Wed 9:02pm Hi Gary, thanks for your message. I can confirm that your calculations are correct. It is also worth noting that following a rights issue, prior period dividends pre share are recalculated to reflect the fact that under a rights issue, shares are issued at a discount. This "bonus factor" adjustment will only be known when the shares trade ex-rights (25 June) but based on the closing share price on 29 May of 772p and a Theoretical Ex-Rights Price of 691p we have estimated the bonus factor to be 0.895 which would rebase the 2017 annual dividend from 50.2p to 44.9p. The post completion dividend per share of 46.9p is therefore a circa 4.3% uplift.
jonwig: 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!
hyden: 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).
grahamburn: 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.
jonwig: Lauders - if the company makes no further acquisitions, its cashflows and dividends will come solely from maturing policies: PHNX will be in run-off - a wasting asset. Ask yourself, "How much would I pay to receive 50p pa for the next ten years?" Depending on your discount rate the answer would be about 390p (5%) or 310p (10%). It would, of course be 500p with no discounting. You can then add any residual value or assume the dividend stream continues unchanged for more than ten years. The problem is that the net present value of PHNX shares is almost certainly below the current share price. The company will know more precise answers, and outside analysts will have a pretty good idea, but the point I'm making boils down to saying that the current share price assumes assumes more acquisitions.
stun12: That would be quite the lump to add. Personally, I'd like to see it happen, though no doubt some volatility in PHNX share price would ensue. Is this why we've had a few days of mild down when the wider market has been ticking up?
Phoenix Group share price data is direct from the London Stock Exchange
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