Back to previous section

Abrdn sells 40m Phoenix Group shares in placing

Abrdn has sold just under 40m shares in Phoenix Group in placing to institutional investors, raising gross proceeds of around £264m.

Abrdn

Source: Sharecast

The shares were sold at 660p each. Following settlement of the placing, which is expected to take place on 1 February, abrdn will hold a stake of around 10.4% in Phoenix and will continue to appoint a director to the company’s board.

The investment company said on Friday that it plans to return the proceeds of the placing to shareholders. The method and timing of the return will be announced "as soon as practicable" after the results on 1 March.

Goldman Sachs acted as sole global coordinator and bookrunner in connection with the placing.

Abrdn chief executive Stephen Bird said: "Our strategic partnership with Phoenix remains very important to us. This was further evidenced by the simplified and extended relationship we announced in February 2021.

"We have therefore reconfirmed our commitment to our remaining 10.4% shareholding in Phoenix which retains our right to appoint a director to the Phoenix board."

Abrdn ( ABDN )

Isin: GB00BF8Q6K64
Exchange: London Stock Exchange
Sell:
147.15 p
Buy:
147.35 p
Change: 6.05 ( 4.29 %)
Date:
Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account or Share Dealing ISA, we've got an account to suit your needs.

View our accounts

Lloyds Bank is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Logo Allfunds

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

FE fundinfo Logo

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

Refinitiv Logo

© 2024 Refinitiv, an LSEG business. All rights reserved.