Phoenix Share Discussion Threads

[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 -

[schofip] 19/4/2018 13:01

I think the sunshine sounds good to me.

[robsy2] 19/4/2018 12:51

I like boonkos approach!
R2

[jonwig] 19/4/2018 12:33

@ schofip - bond prospectuses are a nightmare, even retail bonds! Equity holders needn't bother with this, unless for some reason the bonds aren't taken up.

Nothing better to do in the sunshine?

[my retirement fund] 19/4/2018 12:26

Sure, which page ?

[boonkoh] 19/4/2018 12:16

Schofip always start from the back of the prospectus. The footnotes are the most illuminating as it conceals all the stuff they want to hide!

[schofip] 19/4/2018 11:52

Can anyone decipher the prospectus for me. I lost the will to live on page 6 of the 300 pages

[lauders] 17/4/2018 06:31

Not so sure anything would be "significant" at the moment in context with the Standard Life matter, but we shall have to just wait for the details which could be forthcoming any time now.

[jonwig] 17/4/2018 06:22

Would it be a significant deal - 'incremental'?

[lauders] 17/4/2018 02:56

We are currently in exclusive discussions for our first external pensions buy-in transaction. Given the current capacity in the bulk annuity market, and recognising that Phoenix possesses both the skills and financial resources, the Group will continue to compete selectively on accretive transactions to generate incremental value.

Could we be hearing something about the discussions I highlighted in bold from the last annual report?

[edmundshaw] 13/4/2018 09:54

Last year Phoenix was buying back £300,000,000 5.75 per cent. senior debt. I wonder what rate this junior debt is going to attract...

[hvs] 13/4/2018 08:52

Rating agencies know F all remeber 2007. they was all three AAAA+

[ianood] 13/4/2018 08:50

Yes stun12, in my day it used to be roughly a notch per level of subordination i.e, US bank holding company was one notch below the bank etc etc.However, that rule of thumb was probably blown out of the water when debt markets finally recovered post the structured debt blow up of 2008?

[jonwig] 13/4/2018 08:48

@ stun12 - thanks for clarification!

[stun12] 13/4/2018 08:41

Hi Jonwig. Phoenix is actually rated at 'A' at Fitch, but these are Tier One securities i.e. quasi-equity and are subordinate to regular issuance.

[jonwig] 13/4/2018 07:13

Timetable:

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.

The rest of the RNS is about debt issuance. They give a Fitch rating of BBB-: "medium class companies, which are satisfactory at the moment". So BBB- is the lowest investment grate rating.

[edmundshaw] 06/4/2018 10:05

Well, when I was 35 I had never grown food and eaten it (unless you count bean sprouts). First time was when I had a house with a garden in my late 30s.

And bicycle tyres are thicker, car tyre treads are thicker, and at 65 you have probably had more punctures than at 18. Duh!

And boiling an egg is so twentieth century...