Business
Introduction of a New Holding Company
Introduction of a New Holding Company.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 1159G Phoenix Group Holdings 02 November 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 TO BE CONTAINED AND/OR INCORPORATED BY REFERENCE IN THE PROSPECTUS EXPECTED TO BE PUBLISHED BY PHOENIX GROUP HOLDINGS IN CONNECTION WITH THE PROPOSED SCHEME REFERRED TO BELOW. THE PROSPECTUS WILL BE MADE AVAILABLE ON PHOENIX GROUP HOLDING'S WEBSITE AT WWW.THE PHOENIXGROUP.COM/INVESTOR-RELATIONS/AGM-AND-EGM/ AND WILL BE AVAILABLE FOR INSPECTION AT THE UK LISTING AUTHORITY'S DOCUMENT VIEWING FACILITY.\nFor immediate release\n2 November 2018\n \nPhoenix Group Holdings\n(the \"Company\" or \"Old Phoenix\")\nIntroduction of a new holding company\n \nThe Board of the Company today announces a proposed scheme of arrangement pursuant to section 86 of the Cayman Islands Companies Law (2018 Revision) (the \"Companies Law\") (the \"Scheme\") relating to the corporate restructuring of Old Phoenix and including a related reduction of capital under sections 14 and 16 of the Companies Law (the \"Old Phoenix Reduction of Capital\"). A circular setting out full details of the Scheme (including notices of the Court Meeting and Scheme General Meeting, each as defined below) (the \"Scheme Circular\") will be sent to Old Phoenix Shareholders and Old Phoenix DI Holders later today.\nIf the Scheme is implemented and the Old Phoenix Reduction of Capital is approved, Phoenix Group Holdings plc (\"New Phoenix\"), a new company incorporated in England & Wales, will become the holding company of Old Phoenix and its consolidated subsidiaries (the \"Group\"). If approved, the Scheme and the Old Phoenix Reduction of Capital are expected to become effective on or around 12 December 2018 (the \"Scheme Effective Date\").\nApplications will be made to the UK Listing Authority (the \"UKLA\") for the ordinary shares of New Phoenix (the \"New Phoenix Shares\") to be admitted to the premium listing segment of the ...