Business
Results of Placing
Results of Placing.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 5744Z Phoenix Group Holdings 27 May 2016 \n\n 27 May 2016\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO PERSONS IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.\n \nPhoenix Group Holdings\nResults of Placing\n \n \nPhoenix Group Holdings (the \"Company\" and, together with its subsidiaries, the \"Group\") is pleased to announce the successful completion of the placing announced earlier today (the \"Placing\") in connection with the Group's proposed acquisition of\nAXA Wealth's pensions and protection businesses (the \"Acquisition\").\n \nA total of 22,542,000 new ordinary shares in the Company (the \"Placing Shares\") have been placed by HSBC Bank plc (\"HSBC\") and J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) (\"J.P. Morgan Cazenove\") at a price of 860.00 pence per Placing Share, (the \"Placing Price\") raising gross proceeds of approximately £193.9 million (before expenses).\n \nThe Placing Price represents a premium of 1.24 per cent. to the closing price on 26 May 2016 and a discount of 1.60 per cent. to the intra-day price at 9.54 a.m. (being the time the Placing Price was agreed). The net placing price of approximately 844.07 pence per Placing Share to be received by the Company after expenses directly attributable to the Placing represents a discount of approximately 3.42 per cent. to that intra-day price.\n \nThe Placing Shares represent approximately 9.99% of the Group's issued ordinary share capital prior to the Placing.\n \nFollowing the Placing, the Company has agreed with the Underwriters to a lock-up ending 90 days after Admission, subject to customary exceptions and an exception for allotment and issue of shares as full or partial consideration for, or to finance, wholly or partially, acquisitions consistent with the Company's publicly disclosed strategy.\n \nApplications have been made for the Placing Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market of London Stock Exchange plc (together \"Admission\"). It is expected that Admission will take place at 8.00 a.m. on 1 J...