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
  +4.50p +0.57% 792.50p 725,114 16:29:46
Bid Price Offer Price High Price Low Price Open Price
792.00p 792.50p 798.50p 787.00p 790.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 6,084.0 -7.0 -7.0 - 3,116.40

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Date Time Title Posts
23/5/201813:35PHOENIX GROUP ::::::::: Zombie Fund2,723
02/3/201616:56Phoenix Group latest news and comments-

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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 788p.
Phoenix Group has a 4 week average price of 770p and a 12 week average price of 746p.
The 1 year high share price is 820p while the 1 year low share price is currently 719p.
There are currently 393,236,289 shares in issue and the average daily traded volume is 836,181 shares. The market capitalisation of Phoenix Group is £3,114,431,408.88.
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).
jonwig: @ 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.
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.
finkwot: Perhaps I'm being dim but I don't understand what is meant by this: "Based on last night’s share price this is the equivalent to a 3% increase in dividend per share." Does he mean 3 percentage points, ie to over 9%? If not, why cite the share price? "In this case we’re increasing the dividend from £197m to £338m, as I said, an equivalent of 3%" Also, since the terms of the rights issue haven't been published yet, how can he know the level of dividend per share?
edmundshaw: That is three good transactions since I invested in 2015, all of them enhancing the shareholder position in terms of security, dividend and underlying company strength. This one is particularly agreeable, including some longer term cash generation and supporting the dividend for many years to come. To date the share price gains from a very active management are giving us higher returns than the chunky dividend; long may that continue!!
stemis: A £338m annual dividend at the current dividend yield of 6.5%, is a £5.2bn market cap Which implies a current share price of about 818p The question will be whether the deal will allow the stock to be re-rated, with the yield moving closer to its UK life peers yields of Legal’s (6.2% FY18 yield) and Aviva (5.8% yield). Which would be a share price of 869 - 945p
jonwig: The rights issue will ask for 242p per existing share, and the price is irrelevant, except large existing shareholders would get even larger if the rights price were low. Sogoes it - they say: This additional cash generation supports a proposed increase in the annualised cost of the dividend to £338 million from the date of the 2018 final dividend. Based on the Phoenix closing share price of 759.5 pence per share as at 22 February 2018, this would be approximately equivalent to a 3% increase in the dividend per share. The actual reported year-on-year dividend per share uplift will depend on the bonus element of the proposed Rights Issue at the time of the start of trading of the nil-paid rights. ... though that's a bit opaque!
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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