LONDON (dpa-AFX) - Phoenix Group Holdings plc (PHNX.L) Wednesday said that Swiss Re Group's (SSREY.PK) nominated representative, Christopher Minter, will resign from the Phoenix Board as the Swiss reinsurer reduced its stakeholding in the company.
Earlier in the day, Swiss Re announced that it has sold 66.2 million shares or 6.6 percent stake in Phoenix Group for 437 million pounds through an accelerated bookbuilding process.
The resignation of the director will be with effect from settlement of the shares sold by Swiss Re, which is expected to take place on June 25.
Phoenix said its Board provided its consent to Swiss Re to proceed with the deal in advance of the expiry of the 12-month lock-up period that was agreed under the earlier relationship agreement terms.
Following the settlement, Swiss Re's holding in Phoenix will be around 6.6 percent of Phoenix's total issued share capital. As Swiss Re's holding falling below 10 percent of Phoenix's total issued share capital, the Relationship Agreement shall cease to be effective and Swiss Re shall no longer be entitled to appoint a non-executive director to the Phoenix Board.
The company further noted that Swiss Re has agreed with its bookrunners to a separate lock-up of 90 days following the sale in respect of its residual holding in Phoenix, subject to waiver by the bookrunners.
MS&AD Insurance Group Holdings, Inc., whose lock-up period also expires in July 2021, continues to retain a 14.5 percent shareholding in Phoenix.
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