Standard Life Aberdeen plc Update on proposed transaction (0388N)
May 03 2018 - 7:30AM
UK Regulatory
TIDMSLA TIDMPHNX
RNS Number : 0388N
Standard Life Aberdeen plc
03 May 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
Standard Life Aberdeen plc
Phoenix Group Holdings
Update on proposed transaction
Standard Life Aberdeen plc ("Standard Life Aberdeen") and
Phoenix Group Holdings ("Phoenix") are providing an update
regarding the proposed sale of Standard Life Aberdeen's UK and
European insurance business ("Standard Life Assurance") to Phoenix
(the "proposed transaction"). As previously announced, the proposed
transaction is expected to complete in the third quarter of
2018.
Phoenix and Standard Life Aberdeen are actively progressing with
the separation and integration planning for the proposed
transaction. As part of this process, Standard Life Aberdeen
continues to engage with its UK regulators in relation to the
future prudential supervision of the group. Standard Life Aberdeen
is also considering the potential for a substantial return of
capital to shareholders following completion.
Phoenix has made good progress with the financing for the
proposed transaction, having issued its inaugural Restricted Tier I
bond on 26 April 2018, and continues to engage with its
regulators.
It is expected that the general meetings for each of Standard
Life Aberdeen and Phoenix shareholders to approve the transaction
will be held contemporaneously. It is expected that the parties'
respective circulars and the Phoenix prospectus will be published
shortly after 29 May 2018, which is the date of Standard Life
Aberdeen's annual general meeting. The general meetings of Standard
Life Aberdeen and Phoenix to approve the proposed transaction will
take place as soon as practicable thereafter, in line with
conventional notice periods.
3 May 2018
Contacts:
Media Enquiries
Katy Hetherington, PR Manager, +44 (0) 131 245 2283*
Standard Life Aberdeen +44 (0) 7841 344 374
Investor Enquiries
Jakub Rosochowski, Investor Relations Director, +44 (0) 131 245 8028*
Standard Life Aberdeen +44 (0) 7515 298 608
Neil Longair, Investor Relations Manager, +44 (0) 131 245 6466*
Standard Life Aberdeen +44 (0) 7711 357 595
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
Standard Life Aberdeen plc LEI: OTMBS544NMO7GLCE7H90
Classification: 3.1. Additional regulated information required
to be disclosed under the laws of a Member State
This information is provided by RNS
The company news service from the London Stock Exchange
END
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