LONDON (dpa-AFX) - Abrdn Plc, a British investment company, on Friday said it will sell around 40 million shares, from its shareholding in Phoenix Group Holdings Plc (PHNX.L), an insurance service provider, to institutional investors.
The price per placing share will be fixed by an accelerated book-building process to institutional investors facilitated by Goldman Sachs. The book-building may be closed at any time and the results of the placing will be announced as soon as practicable thereafter, the company said in a statement.
With the move, Abrdn intends to return the net proceeds of the transaction to its shareholders. The investment firm currently owns 144.1 million shares in Phoenix, which represents around 14.4 percent of Phoenix's issued share capital. Following completion of the sale, Abrdn's holding will represent approximately 10.4 percent of Phoenix's issued share capital.
Despite the move, the Edinburgh-headquartered investment company will continue to appoint a director to Phoenix's Board.
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