Shares sold

Abrdn investors due windfall as Phoenix stake cut

Shareholders in the company can expect a payday (pic: Terry Murden)

Abrdn shareholders are set for a windfall after the investment house sold just under 40m shares in Phoenix Group at 660p, raising gross proceeds of about £264m.

The placing to institutions will take place on 1 February and will leave Abrdn with a stake of about 10.4% in Phoenix. It will continue to appoint a director to the company’s board.

Abrdn said it plans to return the proceeds 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 continues to be Phoenix’s core strategic asset management partner and manages c.£165 billion of the group’s assets under administration.

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.”

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.