TIDMABDN
RNS Number : 9027Z
abrdn PLC
27 January 2022
27 January 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO, OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN ANY
JURISDICTION, INCLUDING THE UNITED STATES.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
FOR IMMEDIATE RELEASE
abrdn plc ("abrdn" or the "Company")
Proposed Secondary Placing in Phoenix Group Holdings plc
abrdn announces the proposed sale of approximately 40 million
ordinary shares (the "Placing Shares") of its shareholding in
Phoenix Group Holdings plc ("Phoenix"), representing approximately
4% of Phoenix's issued share capital, to institutional investors
(the "Placing").
The Company reconfirms its commitment to its strategic
partnership with, and retained shareholding in, Phoenix. With its
strong capital resources, abrdn intends to return the net proceeds
of the Placing to shareholders.
Stephen Bird, Chief Executive Officer of abrdn, commented:
"Our strategic partnership with Phoenix, the largest life and
pensions consolidator in Europe, remains important for us, as
evidenced by the simplified and extended relationship we announced
in February 2021. Through our disciplined management of capital, I
am pleased that we are well positioned to return the proceeds of
this transaction to shareholders."
abrdn currently owns 144.1 million ordinary shares in Phoenix,
representing approximately 14.4% of Phoenix's issued share capital.
Following completion of the Placing, abrdn's holding will represent
approximately 10.4% of Phoenix's issued share capital and abrdn
will continue to appoint a director to Phoenix's Board.
The Company has a strong capital position with an indicative pro
forma regulatory capital surplus (post IFPR) as at 30 September
2021 of c.GBP0.5 billion, including the impact of the interactive
investor acquisition announced in December. In addition, abrdn has
listed investments worth c.GBP2billion(1) , after adjusting for the
Placing.
As such, abrdn intends to return the net proceeds of the Placing
to shareholders, with the method and timing of the return to be
announced as soon as practicable after the Company's results on 1
March.
The Company takes a disciplined approach to the management of
its capital resources and will continue to invest in the business
to accelerate its growth strategy and deliver long term value for
shareholders.
The price per Placing Share will be determined by an accelerated
book-building process to institutional investors facilitated by
Goldman Sachs International ("Goldman Sachs"), to be launched
immediately after release of this announcement. The book-building
may be closed at any time and the results of the Placing will be
announced as soon as practicable thereafter. The Placing is subject
to demand, price and market conditions.
Goldman Sachs has been appointed by the Company as sole Global
Coordinator and Bookrunner for the Placing. The Company has agreed
not to sell or distribute any further shares from its proprietary
shareholding in Phoenix for a period of 180 days after launch of
the Placing (subject to customary carve outs, and waiver by Goldman
Sachs).
A further announcement will be made following completion and
pricing of the Placing.
Phoenix is not a party to the Placing and will not receive any
proceeds from the Placing.
Enquiries:
abrdn plc
Catherine Nash +44 (0)7798 518657
Goldman Sachs International
Charlie Lytle
Mark Maislish
Tom Hartley
George MacGregor +44 (0) 207 774 1000
(1) As at 26 January 2022
Important notices:
This announcement has been issued by and is the sole
responsibility of the Company.
This announcement is for information purposes only and is not
intended to and does not constitute an offer to sell, or the
solicitation of an offer to subscribe for or buy, any shares nor
any other securities in any jurisdiction. Shares will not be
generally made available or marketed to the public in the United
Kingdom or any other jurisdiction in connection with the
Placing.
Overseas jurisdictions
The distribution of this announcement into jurisdictions other
than the United Kingdom may be restricted by law, and, therefore,
persons into whose possession this announcement comes should inform
themselves about and observe any such restrictions. Any failure to
comply with any such restrictions may constitute a violation of the
securities laws of such jurisdiction.
In particular, the securities referred to herein have not been
and will not be registered under the United States Securities Act
of 1933, as amended (the "Securities Act") and may not be offered,
sold or transferred, directly or indirectly, in or into the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and in compliance with the applicable securities laws of any state
or other jurisdiction of the United States. There will be no public
offer of any securities in the United States.
Disclaimer
Goldman Sachs International, which is authorised by the
Prudential Regulation Authority and regulated in the United Kingdom
by the Financial Conduct Authority and the Prudential Regulation
Authority, is acting for the Company in connection with the Placing
and no-one else and they will not be responsible to anyone other
than the Company for providing advice in relation to the Placing or
any other matter referred to in this announcement.
This announcement does not constitute a recommendation to
participate in the Placing. The price and value of securities and
any income from them can go down as well as up. Past performance is
not a guide to future performance. Acquiring shares may expose an
investor to a significant risk of losing all of the amount
invested. Potential investors should consult an independent
financial advisor as to the suitability of the Placing for the
entity or person concerned. The Company reserves the right not to
proceed with the Placing or to vary the terms of the Placing in any
way.
Forward-looking statements
This announcement includes statements that are, or may be deemed
to be, forward-looking statements. These forward-looking statements
may be identified by the use of forward-looking terminology,
including the terms "intends", "expects", "will", or "may", or, in
each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and
include statements regarding intentions, beliefs or current
expectations. No assurances can be given that the forward-looking
statements in this announcement will be realised. As a result, no
undue reliance should be placed on these forward-looking statements
as a prediction of actual events or otherwise.
LEI number of abrdn plc: 0TMBS544NMO7GLCE7H90
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END
IOEBLGDBRUDDGDR
(END) Dow Jones Newswires
January 27, 2022 12:05 ET (17:05 GMT)
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