Business
Residency Update
Residency Update.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 2599D Phoenix Group Holdings 30 January 2018 \n\nPhoenix Group Holdings\nLEI: 21380031B1D56JRCE375\nNotice to PGH shareholders and to holders of outstanding debt securities regarding change in the head office and tax residence of Phoenix Group Holdings (\"PGH\")\nFurther to the announcement dated 21 June 2017, notice is hereby given that with effect from 31 January 2018 the central management and control, and the head office, of PGH will move from Jersey to the United Kingdom, with the intention that PGH will be resident in the United Kingdom for tax purposes from such date. \nWith effect from 31 January 2018, the PRA will treat PGH, and not Phoenix Life Holdings Limited (\"PLHL\"), as the ultimate EEA insurance holding company of the Insurance Group. \nHolders of the subordinated securities: \n· £428,113,000 6.625 per cent. Guaranteed Subordinated Notes due 2025;\n· £450,000,000 4.125 per cent. Tier 3 Notes due 2022 issued pursuant to PGH's £3,000,000,000 Euro Medium Term Note Programme; and\n· U.S.$500,000,000 5.375 per cent. Notes due 2027 issued pursuant to PGH's £3,000,000,000 Euro Medium Term Note Programme,\neach issued by PGH (together, the \"Outstanding Subordinated Securities\"), are hereby notified that as such, PGH will become the ultimate EEA insurance holding company and the Insurance Group Parent Entity and a member of the Insurance Group for the purposes of the terms and conditions of the Outstanding Subordinated Securities. This will result in the Outstanding Subordinated Securities (and not the relevant on-loan of the proceeds of the Outstanding Subordinated Securities) being the only relevant capital item for the purposes of the definition of \"Capital Disqualification Event\" under the Outstanding Subordinated Securities with effect from such date. \nPLHL will no longer be required by the PRA to be taken into account for the purposes of the deferral of principal and interest on the Outstanding Subordinated Securities pursuant to the definitions of \"Regulatory Deficiency Interest Deferral Event\" and \"Regulatory Deficiency Redemption Deferral Event\".\nCapitalised terms that are not defined in this announcement will have the meanings given to them in the terms and conditions of the Outstanding Subordinated Securit...