Phoenix, the former Pearl group, is raising up to £33m through a placing to pay off a missed bond coupon payment.
The proceeds from a placing will be used to make the requisite 2009 deferred coupon payment to the holders of the £500m - 6.5864% fixed/floating rate perpetual reset capital notes, under the terms of a settlement announced in April. Phoenix says trading is in line with previous estimates and it expects to deliver full year cash inflows at the top of its £625m to £725m target range. The firm reiterated it will meet its target of £145m incremental embedded value growth this year. www.sharecast.com
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