Phoenix Group Holdings (PHNX)

Sector:

Insurance

Index:

FTSE 100

640.60p
   
  • Change Today:
      6.80p
  • 52 Week High: 752.00
  • 52 Week Low: 571.20
  • Currency: UK Pounds
  • Shares Issued: 999.56m
  • Volume: 1,374,855
  • Market Cap: £6,403m

Swiss Re offloads half of its Phoenix Group holding

By Josh White

Date: Wednesday 23 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Phoenix Group said on Wednesday that Swiss Re has sold 66,199,917 shares in Phoenix, representing about 6.6% of its total issued share capital.
The FTSE 100 firm said the sale took place by an accelerated bookbuild, to a range of new and existing institutional investors.

In order to support an orderly sell down and improve trading liquidity in Phoenix, under the relationship deal between the two parties agreed in July 2020, the Phoenix board said it consented to Swiss Re proceeding with the transaction ahead the expiry of the 12-month lock-up period under the relationship agreement.

Following the settlement, Swiss Re's holding in Phoenix would be about 6.6% of its total issued share capital.

As a result of Swiss Re's holding falling below 10%, the relationship agreement would cease to be effective, and Swiss Re would no longer be entitled to appoint a non-executive director to the Phoenix board.

As a result, Swiss Re had given notice that its nominated representative, Christopher Minter, would resign from the Phoenix board from settlement of the shares sold, which was expected on 25 June.

Swiss Re also agreed to a separate lock-up of 90 days following the sale with its bookrunners, over its residual holding in Phoenix, subject to waiver by the bookrunners.

"On behalf of the board, I would like to thank both Christopher for the significant contribution he has made since joining the board in July 2020, and Swiss Re for its support during its time as a significant strategic shareholder," said chairman Nicholas Lyons.

MS&AD Insurance Group, whose lock-up period also expires in July, continued to retain a 14.5% shareholding in Phoenix, the board confirmed.

It said MS&AD was committed to its relationship with Phoenix, and expected to remain a significant shareholder.

At 0834 BST, shares in Phoenix Group Holdings were down 2.39% at 677p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

PHNX Market Data

Currency UK Pounds
Share Price 640.60p
Change Today 6.80p
% Change 1.07 %
52 Week High 752.00
52 Week Low 571.20
Volume 1,374,855
Shares Issued 999.56m
Market Cap £6,403m

PHNX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
88.66% above the market average88.66% above the market average88.66% above the market average88.66% above the market average88.66% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Price Trend
2.76% above the market average2.76% above the market average2.76% above the market average2.76% above the market average2.76% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Income
73.57% above the market average73.57% above the market average73.57% above the market average73.57% above the market average73.57% above the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Growth
90.37% above the market average90.37% above the market average90.37% above the market average90.37% above the market average90.37% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 9
Buy 1
Neutral 6
Sell 0
Strong Sell 0
Total 16
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PHNX Dividends

  Latest Previous
  Final Interim
Ex-Div 31-Mar-22 19-Aug-21
Paid 09-May-22 03-Sep-21
Amount 24.80p 24.10p

Trades for 17-May-2022

Time Volume / Share Price
16:35 496,370 @ 640.60p
16:29 171 @ 641.80p
16:29 142 @ 642.00p
16:29 182 @ 641.40p
16:29 39 @ 641.00p

PHNX Key Personnel

Chair Nicholas Lyons
CEO Andrew Briggs

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