Offer Period Extension (5631V)
16 Janeiro 2012 - 5:00AM
UK Regulatory
TIDMPHNX TIDMPHNW
RNS Number : 5631V
Phoenix Group Holdings
16 January 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
16 January 2012
Phoenix Group Holdings announces continuing discussions with
CVC
Phoenix Group Holdings, the UK's largest specialist closed life
fund consolidator, announces that it is still in discussions with
CVC Capital Partners ("CVC") regarding a potential offer for the
Company.
This announcement is not an announcement of a firm intention by
CVC to make an offer and there can be no certainty that these
discussions will lead to an offer being made, nor as to the terms
on which any offer will be made.
Phoenix will provide a further update as and when appropriate,
but no later than 28 days from the date of this announcement.
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 (0) 7900 000777
Tom Buchanan +44 (0) 7974 982366
Tom Eckersley +44 (0) 7809 845942
Notes
1. The Phoenix Group is the UK's largest specialist consolidator
of closed life funds with over six million customers and over GBP68
billion of assets under management 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 (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, in relation to Phoenix Group Holdings, for
ensuring compliance with the City Code and is not able to answer
shareholders' queries.
3. In particular, public disclosures consistent with the
provisions of Rule 8.3 of the City Code (as if it applied to the
Company) should not be e-mailed to the Panel, but, as described
below, released directly through a Regulatory Information
Service.
Dealing Disclosures
4. Shareholders of Phoenix Group Holdings and others dealing in
ordinary shares of Phoenix Group Holdings are not obliged to
disclose any of their dealings under the provisions of the City
Code. However, market participants are requested to make
disclosures of dealings as if the City Code applied and as if
Phoenix Group Holdings were in an offer period under the City
Code.
5. Phoenix Group Holdings' website contains the form of
disclosure requested. If you are in any doubt as to whether or not
you should disclose dealings, you should contact an independent
financial adviser authorised by the FSA under the Financial
Services and Markets Act 2000 (FSMA).
6. In light of the foregoing, under the provisions of Rule 8.3
of the City Code, if any person is, or becomes "interested"
(directly or indirectly) in one per cent. or more of any class of
"relevant securities" of Phoenix Group Holdings, all "dealings" in
any "relevant securities" of that company (including by means of an
option in respect of, or a derivative referenced to, any such
"relevant securities") should be publicly disclosed by no later
than 3.30 p.m. (London time) on the Business Day following the date
of the relevant transaction. In a situation where the Code applies,
this requirement would continue until the date on which any offer
becomes, or is declared, unconditional as to acceptances, lapses or
is otherwise withdrawn or on which the "offer period" otherwise
ends. If two or more persons act together pursuant to an agreement
or understanding, whether formal or informal, to acquire an
"interest" in "relevant securities" of Phoenix Group Holdings, they
would be deemed to be a single person for the purpose of Rule 8.3
of the City Code.
7. In accordance with the provisions of Rule 8.1 of the City
Code, all "dealings" in "relevant securities" of Phoenix Group
Holdings by Phoenix Group Holdings or by any of its "associates",
would be disclosed by no later than 12.00 noon (London time) on the
Business Day following the date of the relevant transaction.
"Interests in securities" arise, in summary, when a person has long
economic exposure, whether conditional or absolute, to changes in
the price of securities. In particular, a person will be treated as
having an "interest" by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative
referenced to, securities.
8. Terms in quotation marks are defined in the City Code, which
can also be found on the Panel's website. If you are in any doubt
as to whether or not you are required to disclose a "dealing" under
Rule 8 of the City Code, you should contact an independent
financial adviser authorised by the FSA under FSMA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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