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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                          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 
 
 Maitland 
 
 Neil Bennett +44 (0)7900 000 
  777 
 Peter Ogden +44 (0)07793 858 
  211 
 Tom Eckersley +44 (0)7809 845 
  942

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, 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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