REG - Phoenix Group Hldgs - Strategic Investor Update

Phoenix groupAnnouncement

28/01/2022 07:10

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RNS Number : 9647Z  Phoenix Group Holdings PLC  28 January 2022

LEI: 2138001P49OLAEU33T68

 

Strategic investor update

 

Phoenix Group Holdings plc ("Phoenix" or "the Group") notes that abrdn plc
("abrdn") has today announced the successful sale of approximately 40 million
shares in Phoenix, representing approximately 4% of Phoenix's total issued
share capital. The sale was effected by way of an accelerated bookbuild to a
range of institutional investors ("the Placing"). abrdn has announced that it
intends to return the net proceeds of the Placing to its shareholders.

 

Following the settlement of the transaction, abrdn's holding in Phoenix will
be approximately 10.4% of Phoenix's total issued share capital. Importantly,
with abrdn's holding remaining in excess of 10%, the two parties' Relationship
Agreement will remain in place which entitles it to appoint a director to the
Phoenix Board.

 

abrdn continues to be Phoenix's core strategic asset management partner and
manages c.£165 billion of the Group's assets under administration.

 

Stephen Bird, CEO of abrdn, commented on the placing:

 

"Our strategic partnership with Phoenix remains very important to us. This was
further evidenced by the simplified and extended relationship we announced in
February 2021.

 

We have therefore reconfirmed our commitment to our remaining 10.4%
shareholding in Phoenix which retains our right to appoint a director to the
Phoenix Board."

 

Phoenix's other strategic investor, MS&AD Insurance Group Holdings, Inc.
("MS&AD"), continues to retain a 14.5% shareholding. MS&AD highly
values the strategic relationship and shareholding in Phoenix. Its holding
remains a key part of MS&AD's long-term strategy to diversify its earnings
internationally and MS&AD expects to remain a significant shareholder.

 

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Enquiries

Investors/analysts:

Claire Hawkins, Director of Corporate Affairs, Phoenix Group

+44 (0)20 3735 0575

Andrew Downey, Investor Relations Director, Phoenix Group

+44 (0)20 3735 0160

Media:

Douglas Campbell, Teneo

+44 (0)775 313 6628

Shellie Wells, Corporate Communications Director, Phoenix Group

+44 (0)20 3735 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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