Response to Recent Press Speculation (4180S)
21 Novembro 2011 - 5:00AM
UK Regulatory
TIDMPHNX TIDMPHNW TIDM36RW
RNS Number : 4180S
Phoenix Group Holdings
20 November 2011
Phoenix Group Responds to Recent Press Speculation
The Board of Phoenix Group Holdings ("Phoenix") notes recent
press speculation and confirms that it has received a number of
approaches regarding a possible transaction with the Company.
The Board has held discussions with Resolution Limited
concerning a possible combination of their respective businesses,
however these discussions have now terminated.
Phoenix confirms that it has also received certain other
approaches concerning potential offers for the Company, including
from CVC Capital Partners ("CVC"). The Board is continuing to
consider whether CVC's approach may form the basis of an offer that
is appropriate to recommend to Phoenix's shareholders, although
there can be no certainty that any approach will lead to an offer
being made. Further statements will be made if and when
appropriate.
Commenting on these approaches, Ron Sandler, Chairman of
Phoenix, said:
"As we outlined at the time of our Interim Management Statement
earlier this month, Phoenix is a resilient business with robust and
predictable long term cash flows. The Board believes that Phoenix
is in a strong position to deliver substantial value and has a
compelling business model. Naturally, the Board is obliged to
evaluate any proposals that are received, and will update
shareholders as appropriate."
On November 8, at the time of its Q3 Interim Management
Statement, Phoenix announced:
-- Cash generation of GBP603 million up to 8 November 2011
-- Confirmation that Life Company free surplus generation is
consistent with a result within the GBP750-850 million target range
for holding company cash generation
-- GBP1.1 billion of net new third party money in Ignis
-- Stable Insurance Group Directive (IGD) surplus, sustained at
an estimated GBP1.1 billion despite market volatility
-- Early achievement of gearing reduction target for 2011, bringing gearing below 50% to 48%
Enquiries
Media Investors
Daniel Godfrey Lorraine Rees
Director of Corporate Communications Head of Investor Relations
+ 44 (0) 20 7489 4517 + 44 (0) 20 7489 4456
+ 44 (0) 7894 937 890 + 44 (0) 7872 413 277
PR Advisers - Maitland
Neil Bennett +44 7900 000777
Tom Buchanan +44 7974 982366
Tom Eckersley +44 7809 845942
Notes
1. Phoenix Group is the UK's largest specialist consolidator of
closed life funds with over six million customers and GBP67.5
billion of assets under management in its wholly owned asset
management business, Ignis Asset Management.
2. The City Code on Takeovers and Mergers - 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 (Articles) 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 for
ensuring compliance with the City Code and is not able to answer
shareholders' queries in relation to Phoenix Group Holdings. In
particular, public disclosures consistent with the provision of
Rule 8.3 of the City Code should not be e-mailed to the Panel, but
released directly through a Regulatory Information Service.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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