Phoenix 'closing in' on London Stock Exchange listing deal

PHOENIX Group, the UK insurer formerly known as Pearl, is said to be nearing a deal which would bring it nearer to a premium listing on the London Stock Exchange.

Under the agreement, which could be announced this week, Phoenix would swap nine shares for every ten "contingent rights" in the insurer held by two of its investors, according to reports. That would satisfy rules which bar firms with such special shares in circulation from listing.