2011 Scrip/Interim Dividend Update

RNS Number : 3561P

Phoenix Group Holdings

30 September 2011

 



PHOENIX GROUP HOLDINGS

2011 Scrip / Interim Dividend Update

Phoenix Group Holdings (the 'Company') announces that it has received from its Shareholders scrip dividend elections covering 46,365,645 Ordinary Shares for the interim dividend of 21p per Ordinary Share.

This will result in the issue of 1,918,166 New Ordinary Shares, resulting in an increase of 1.112% in the issued share capital of the Company.  As previously announced on 14 September 2011, the relevant Calculation Price to be used will be 507.6 pence per Ordinary Share.  Accordingly, the total interim dividend to be paid in cash will be £26,499,691 and will be paid on 7 October 2011.

As a result of the issue of the New Ordinary Shares, the terms of each of the Public Warrants, the Lender Warrants and the Royal London Warrants will be amended as follows:

Public Warrants

Each Public Warrant shall be exercisable into 1.027200 Ordinary Shares per Public Warrant.  The Warrant Price at which each Public Warrant may be exercised will change from €10.83 to €10.71 and the Floor Price at which the Company may redeem each Public Warrant for €0.01 will change from €16.24 to €16.06.

Lender Warrants

Each Lender Warrant shall be exercisable into 1.027200 Ordinary Shares per Lender Warrant.  The Warrant Price at which each Lender Warrant may be exercised will change from £14.77 to £14.60 and the Floor Price at which the Company may redeem each Lender Warrant for €0.01 will change from £19.19 to £18.98.

Royal London Warrants

Each Royal London Warrant shall be exercisable into 1.027200 Ordinary Shares per Royal London Warrant.  The Warrant Price at which each Royal London Warrant may be exercised will change from €10.83 to €10.71 and the Floor Price at which the Company may redeem each Royal London Warrant for €0.01 will change from €16.24 to €16.06.

In addition, the Company announces that it has complied with the relevant processes in the Group's main credit facilities and that accordingly the interim dividend will be paid and the New Ordinary Shares will be issued on 7 October 2011.

The remaining timetable for the 2011 interim dividend is as follows:

Dividend payment date	7 October 2011
First day of dealings in New Ordinary Shares	7 October 2011

Details of the Scrip Dividend Scheme were sent to Shareholders on 5 September 2011.  Full details and copies of the published documents are available on the Company's website at http://www.thephoenixgroup.com in the Investor Relations section and also at the National Storage Mechanism http://www.hemscott.com/nsm.do.

Enquiries:

Media	Investor Relations
Daniel Godfrey + 44 (0) 20 7489 4517 + 44 (0) 7894 937 890	Lorraine Rees + 44 (0) 20 7489 4456 + 44 (0) 7872 413277

Note:  Defined terms used in this announcement have the same meaning as given to them in the Circular sent to Shareholders on 5 September 2011.

 

END

 

 

STRURSVRASAKOAR