Phoenix Group Holdings PLC Strategic Investor Update and Board Change (7759C)
June 23 2021 - 2:00AM
UK Regulatory
TIDMPHNX
RNS Number : 7759C
Phoenix Group Holdings PLC
23 June 2021
LEI: 2138001P49OLAEU33T68
strategic investor UPDATE and board change
Phoenix Group Holdings plc ("Phoenix") notes that Swiss Re has
today announced the successful sale of 66,199,917 shares in
Phoenix, representing approximately 6.6% of Phoenix's total issued
share capital. The sale was effected by way of 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, in accordance with the terms of the
relationship agreement between the two parties dated 22 July 2020
(the "Relationship Agreement"), the Phoenix Board provided its
consent to Swiss Re to proceed with this transaction in advance of
the expiry of the 12-month lock-up period that was agreed under the
terms of the Relationship Agreement.
Following the settlement of the transaction, Swiss Re's holding
in Phoenix will be approximately 6.6% of Phoenix's total issued
share capital. As a result of Swiss Re's holding falling below 10%
of Phoenix's total issued share capital, the Relationship Agreement
shall cease to be effective and Swiss Re shall no longer be
entitled to appoint a non-executive director to the Phoenix Board.
As a consequence, Swiss Re has given notice that its nominated
representative, Christopher Minter, will resign from the Phoenix
Board with effect from settlement of the shares sold by Swiss Re,
which is expected to take place on 25 June 2021. Swiss Re has
agreed with its bookrunners to a separate lock-up of 90 days
following the sale in respect of its residual holding in Phoenix,
subject to waiver by the bookrunners.
Commenting on the Board change, Nicholas Lyons, Phoenix Chairman
said: "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."
MS&AD Insurance Group Holdings, Inc. ("MS&AD"), whose
lock-up period also expires in July 2021, continues to retain a
14.5% shareholding in Phoenix. MS&AD is committed to its
strategic relationship with Phoenix and expects to remain a
significant shareholder.
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Enquiries
Investors/analysts:
Claire Hawkins, Director of Corporate Affairs and Investor
Relations, Phoenix Group
+44 (0)20 3735 0575
Andrew Downey, Head of Investor Relations, Phoenix Group
+44 (0)20 3735 0160
Media:
Douglas Campbell, Teneo
+44 (0)775 313 6628
Haya Herbert Burns, Teneo
+44 (0)734 203 1051
Shell ie Wells, Head of Corporate Communications, Phoenix Group
+44 (0)20 373 5 0922
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Legal Disclaimers
This announcement in relation to Phoenix and its subsidiaries
(the "Group") contains forward-looking statements about the Group's
current plans, goals and expectations relating to future financial
events, conditions, performance, results, strategy and/or
objectives. Statements containing the words: 'believes', 'intends',
'will', 'expects', 'may', 'should', 'plans', 'aims', 'seeks',
'continues', 'targets' and 'anticipates' or other words of similar
meaning are forward-looking. Such forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances that are beyond the Group's control. As a result,
such future events and the Group's actual future financial
condition, performance and results may differ materially from the
plans, goals and expectations set out in the forward-looking
statements in this announcement. The Group undertakes no obligation
to update any of the forward-looking statements contained within
this announcement.
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END
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