End of Discussions

RNS Number : 1688X

Phoenix Group Holdings

10 February 2012

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT LAWS OF THAT JURISDICTION

10 February 2012

Phoenix Group Holdings - End of discussions regarding possible offer

Phoenix Group Holdings ("Phoenix" or the "Company"), the UK's largest specialist closed life fund consolidator, announces that it has mutually agreed to terminate discussions with CVC Capital Partners ("CVC") regarding a possible offer by CVC for Phoenix.

Phoenix can confirm that it is not in discussions with any other party regarding a potential offer for the Company. Accordingly, Phoenix should no longer be considered to be in an offer period.

Clive Bannister, Group CEO of Phoenix said:

"Whilst the Board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value of Phoenix and its stable, long-term cash flows. As a result, we have mutually decided to terminate these discussions. Phoenix continues to focus fully on our business, customers, shareholders and staff to maximise the potential of our powerful consolidation platform."

Enquiries

Media	Investors
Daniel Godfrey Director of Corporate Communications [phone] [phone]	Lorraine Rees Head of Investor Relations [phone] [phone]
Maitland
Neil Bennett                  [phone]
Peter Ogden                  [phone]
Tom Eckersley              [phone]

Notes

1.   The Phoenix Group is the UK's largest specialist consolidator of closed life funds with over six million customers and over £68 billion of assets under management, as at 30 June 2011, in its wholly owned asset management business, Ignis Asset Management.

The City Code on Takeovers and Mergers

2.   By virtue of its status as a Cayman Islands incorporated company, the City Code on Takeovers and Mergers (the City Code) does not apply to Phoenix Group Holdings.  Phoenix Group Holdings has incorporated certain provisions into its articles of association to reflect certain provisions of the City Code.  The provisions do not, however, provide shareholders with the full protections offered by the City Code.  Shareholders are reminded that the Panel on Takeovers and Mergers (the Panel) does not have responsibility, in relation to Phoenix Group Holdings, for ensuring compliance with the City Code and is not able to answer shareholders' queries.

 

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