Business
Court Sanction of Scheme of Arrangement
Court Sanction of Scheme of Arrangement.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 5801J Phoenix Group Holdings 05 December 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION CONTAINED AND/OR INCORPORATED BY REFERENCE IN THE PROSPECTUS PUBLISHED BY PHOENIX GROUP HOLDINGS IN CONNECTION WITH THE SCHEME REFERRED TO BELOW.\nFor immediate release\n5 December 2018\n \nPhoenix Group Holdings\n(the \"Company\" or \"Old Phoenix\")\nCourt Sanction of Scheme of Arrangement and Old Phoenix Reduction of Capital\n \nFurther to the announcements on 2 November 2018 and 28 November 2018 regarding proposals of the Company to introduce Phoenix Group Holdings plc (\"New Phoenix\"), a new company incorporated in England & Wales, as the new holding company of the Phoenix Group by means of a scheme of arrangement under section 86 of the Cayman Islands Companies Law (2018 Revision) (the \"Companies Law\") (the \"Scheme\"), the Company is pleased to announce that the Court has today made an Order sanctioning the Scheme and confirming the related cancellation of all of the existing Old Phoenix Shares by way of a reduction of capital under sections 14 to 16 of the Companies Law (the \"Old Phoenix Reduction of Capital\").\nThe Scheme will become effective on delivery of the Court Order to the Cayman Islands Registrar of Companies, and the Old Phoenix Reduction of Capital will become effective on the registration by the Cayman Islands Registrar of Companies of the Court Order and minute relating to the capital reduction, both of which are expected to take place on 12 December 2018.\nApplications will be made to both the UK Listing Authority and London Stock Exchange for the cancellation of the Old Phoenix Shares listed on the premium segment of the Official List and cancellation of trading on the London Stock Exchange's main market, with effect from 8.00 a.m. (UK time) on 13 December 2018. Applications will be made by New Phoenix for the admission of its ordinary shares to the premium l...