9th Nov 2016 11:47
LONDON (Alliance News) - Pension book consolidator Phoenix Group Holdings PLC said Wednesday that all the shares offered in its GBP750 million rights issue have been subscribed for.
Phoenix said subscribers have been found for the rump placing of 3.4 million shares, or 2.4% of the total issue, at a price of 700 pence per share.
Phoenix said earlier on Wednesday that it received valid acceptances for 141.3 million shares, or nearly 98% of the rights issue, at a price of 508 pence a share, prior to the rump placing.
Phoenix is using the proceeds from the issue to part finance its acquisition of the Abbey Life insurance businesses from Deutsche Bank AG.
Shares in Phoenix were down 1.5% at 711.00p Wednesday.
By Adam Clark; [email protected]
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Phoenix Group Holdings