Phoenix proceeds with Premium

RNS Number : 1310O

Phoenix Group Holdings

23 June 2010

 



Phoenix to proceed with Premium Listing

Expected on 5 July

The Board of Phoenix Group Holdings (the "Company") is pleased to announce that at its shareholder meetings, held earlier today, all the resolutions put to shareholders were carried.  The Company's Premium Listing on the London Stock Exchange is therefore expected to take place as planned on 5 July 2010.  The Company intends to de-list from Euronext Amsterdam in the course of 2011 and expects to be considered for FTSE UK Index inclusion in September 2010.

The full results of all the votes cast at the AGM are available on the Company's website www.thephoenixgroup.com.

Ron Sandler, Chairman of Phoenix Group Holdings, said:

"Phoenix has made enormous progress over the last nine months. We are delighted that over 95% of votes cast were in favour of the proposals that now pave the way for our Premium Listing on the LSE."

"The Premium Listing, and with it the prospect of FTSE Index inclusion, is an important step in the delivery of our strategy.  It should deliver greater liquidity for our shares and moves us closer to being able to provide a safe and profitable decommissioning of the UK closed life sector."

"Phoenix has a clear and coherent business model. By consolidating closed life funds, we are able to provide better outcomes for policyholders, who might otherwise become marooned in shrinking funds with increasing costs and capital inefficiencies. And in doing so, we can deliver stable and predictable cashflows to shareholders over the longer term."

Enquiries

Media                                                                                                   Investor Relations                                                                          

Daniel Godfrey                                                                                 Lorraine Rees

+ 44 (0) 20 7489 4517                                                                       + 44 (0) 20 7489 4456

+ 44 (0) 7894 937 890                                                                       + 44 (0) 7872 413277

Notes for Editors

1.    Holders of CREST depository interests ("CDIs") in London are not required to take any action in respect of the switch to the depository interests ("DIs") service.  DIs will replace CDIs from the date of the Premium Listing.

Holders on Euronext can either exchange existing Euronext holdings into DIs on LSE or continue to hold them on Euronext until cancellation of that listing.   A designated transfer facility is currently available until 2 July 2010 in order to receive the DIs directly in CREST.  Should holders wish to opt for that facility, they would need to contact their custodian or nominee. After this time, it is also possible to transfer DIs to CREST. Holders should contact their custodian or nominee should they wish to do so.

2.    Phoenix Group Holdings is the UK's largest consolidator of closed life funds with approximately 6.5 million policyholders and £69 billion of assets under management as at 31 March 2010.

3.   The Company's operating businesses delivered £716 million of cash inflows and reported pro forma IFRS operating profits of £457 million in the year ended 31 December 2009. The MCEV at 31 December 2009 was £1,827 million and the IGD surplus was estimated at £1.3 billion as at 31 March 2010.

 

END

 

 

STRLLFFVREIVFII