Krayl
29 Sep 2016
Re: Abbey Life I may have got this wrong, but surely you have no choice but buy the rights issue, otherwise your existing shares go down in value? If you can't afford them then you can sell down your holding first to provide the cash for the rights (or sell all your holding before the rights).
divvent argie
28 Sep 2016
Re: Abbey Life Hi MM, Basically as per Gooffy post the £2.96/share comes from calculating across your total new holding.So if you currently have 1800 shares so will be able to buy 7 new for each 12 old or 7/12ths of 1800 = 1050.You would pay 508p/new share but will end up with 2850 shares so the cost of the new shares amortized over the total holding would be 7/12ths of £5.08 or £2.96As to whether or not you take up the offer is something to consider in a few weeks. See what the market says at the time and what the papers say this weekend. Good luck & fortune to all.
TX2
28 Sep 2016
Re: Abbey Life Probably worthwhile.I bought Phoenix as an income share,however it has increased circa 30% in capital value since I bought it,so actually has done quite well on the capital front.I think I will continue to get at least the same dividend yield,or perhaps a little higher, as it presently provides,however we have to remember the shares have now increased in value.However I also note taking up the rights would push the value of my holding to a little above the max proportion of capital I unusually invest in one share.So while I might take up the rights issue to avoid dilution in the longer term I may sell down a few of my shares.
Gooffy
28 Sep 2016
Re: Abbey Life Work it out your way and then do the £3 a share way, I have 500 shares so will get approx 280 extra at a cost of £1500That's my view 500 a3 = 1500280 x 5 pound odd - 1500Do I buy more is the question?
Medway Man
28 Sep 2016
Re: Abbey Life Hi guys.........am sitting here with a thumping head cold....... so not entirely switched on thinking wise......but am confused as to how you have come up with a circa £3 cost...........when it states £5.08 per share (below) >>>>>>>>>>>>>>>>> underwritten Rights Issue of 7 Rights Issue shares at 508 pence each for every 12 existing Phoenix shares. Dealings in the Rights Issue shares, nil paid, are expected to commence in the second half of October 2016, subject to the approval of the Acquisition and the granting of the authority to allot and issue the Rights Issue shares by Phoenix's shareholders.
divvent argie
28 Sep 2016
Re: Abbey Life Your maths is correct, in fact it will cost £2.9633 per share to be pedantic. Given we would be acquiring assets at below book value - 0.89 Solvency II and 0.77 MCEV, then I would hope that the market would see this as positive as they have done today. Not sure what it will do for the yield with more assets under management but more shares in issue however my gut feeling is it will not be negative. Think this is a win/win situation for all concerned including Abbey Life investors who will benefit from lower costs.
TX2
28 Sep 2016
Re: Abbey Life If my maths is right it will cost me just short of £3 to subscribe for the rights issue for every share I currently hold to take up the offer.It seems a reasonable proposition;obviously the share price will fall pro- rata to the number/value of new shares being issued;although if the deal is seen as value enhancing perhaps not as much and divi prospects should be good.This is the second company today in which I own shares to announce a rights issue;the other being property company Tritax,I am having an expensive day even if I am getting jam tomorrow! (I hope).
divvent argie
28 Sep 2016
Abbey Life Rumoured for a while and now a fact. The sp has already reacted positively and I loved the statements on dividend going forward. Definitely one to hold long term and I will be joining in the rights issue. Well done Phoenix.
Medway Man
08 Sep 2016
Re: ex divi? yes, ex divi day.......shares go ex divi at start of business, not end of trading day!
Gooffy
08 Sep 2016
ex divi? Is this ex divi today thought it was close of play on 8th.Would explain the large fall otherwise mystified
r21442
24 Mar 2016
Re: Phoenix Group bid for Abbey Life No smoke without fire it seems? Shore comment today.Shore Capital analyst Eamonn Flanagan reiterated his ‘hold’ recommendation but does not have a target price on the shares, which rose 2.1% to 937.5p yesterday.‘Phoenix reports a resilient set of results for 2015 with the cash, dividend and the market consistent embedded value broadly as we had expected and as per consensus but the operating profits well ahead due to some one-off features,’ he said. ‘The income attractions remain considerable and robust but it really needs to consummate a deal in the near term so as to “oil the wheels” internally, deliver “proof of delivery” for the market and enhance the market consistent embedded value. Hopefully, now with Solvency II out of the way, the company can move forward on some deals.’
TX2
18 Mar 2016
Re: Phoenix Group bid for Abbey Life We certainly seem to have gone from a years low to a near years high point in a month!
FRTEB
11 Sep 2015
Re: have I missed something? " Canaccord Genuity has upgraded its rating on Phoenix Group Holdings (LON
HNX) to buy from hold, which it stated was primarily based on its M&A prospects. " Ha! That's a carp reason to buy if ever I heard one. PHNX will have to fall a fair bit to get me to jump onboard. I hope it does though, to make a good entry point for a long term buy and hold, not speculative upside because of M & A which may or may not ever happen.
ex-voda employee
10 Sep 2015
Re: have I missed something? had been seen, but is such a rise speculation or is there more consolidation in the market?
danners
10 Sep 2015
Re: have I missed something? StockMarketWire | Thu, 10th September 2015 - 14:48Canaccord Genuity has upgraded its rating on Phoenix Group Holdings (LONHNX) to buy from hold, which it stated was primarily based on its M&A prospects.
