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Phoenix prepares to list in London

Phoenix Group is set to list on the London Stock Exchange.

The closed-book insurer is calling on shareholders to take up extra rights to allow the company to meet the listing rules requirement in respect of dilutive instruments. These proposals will 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.

Providing the contingent right holders’ agreement and necessary shareholder and lending bank approvals are obtained, the firm will issue to each holder of contingent rights nine ordinary shares for every ten contingent rights, resulting in the issue of 32,400,00 new ordinary shares.

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

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

Group chief executive Jonathon 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 believe we will be able to take advantage of acquisition opportunities in the consolidation of the closed life sector.”

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