Phoenix unveils results of capital raising

Phoenix Group, the UK consolidator of closed-life assurance funds, has received valid acceptances for 31.5m open offer shares from shareholders entitled to participate in the open offer, the company has announced.

Phoenix Group, the UK consolidator of closed-life assurance funds, has received valid acceptances for 31.5m open offer shares from shareholders entitled to participate in the open offer, the company has announced.

The announcement comes 19 days after the company announced details of a capital raising, comprising firm equity placings and an open offer to raise aggregate gross proceeds of £25m through the issuance of 50m Phoenix new ordinary shares at 500p per share.

The 31.5m shares which received valid acceptances represent approximately 92.6% of the open offer shares offered to shareholders entitled to participate in the open offer.

MF

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