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Phoenix lists on LSE to support growth plans

Phoenix Group has published its plans for listing on the London Stock Exchange and says flotation will help it to take advantage of future acquisition opportunities.

The closed-book insurer is calling on shareholders to take up extra rights to allow the company to meet the listing rules in advance of a full listing, with the proposals to be put to a shareholder vote at an annual general meeting on June 23.

Director and Pearl founder Hugh Osmond as well as fellow director Manjit Dale have separately agreed not to vote on the proposals.

The group expects the listing to become effective on July 5 and to be considered for inclusion in the FTSE UK index series in September.

Provided that necessary shareholder and lending bank approvals are obtained, the firm will issue nine ordinary shares to each holder of contingent rights for every 10 contingent rights, resulting in the issue of 32,400,00 new ordinary shares.

Phoenix says this, the premium listing and the possible FTSE UK inclusion will help raise its profile and boost the liquidity of the shares to help support growth plans.

Chairman Ron Sandler says: “The premium listing and simplification of our capital structure are important steps towards the delivery of our strategy – to play a leading role in the safe decommissioning of the closed-life fund sector.”

Group chief executive Jon-athon Moss says: “We will be able to focus on simplifying our banking facilities and delivering accelerated cashflow and embedded value growth. In due course, we hope to take advantage of acquisition opportunities in the consolidation of the closed-life sector.”

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