Virtus Investment Partners will begin life as a stand-alone company on December 31. The SEC on Friday approved Virtus' spinoff from The Phoenix Companies. Phoenix's board of directors greenlighted the spinoff on December 12. Virtus' stock will be listed on the NASDAQ Global Market under the symbol "VRTS."
“We are excited about the opportunity to begin 2009 as an independent, publicly traded company,” said Virtus president George R. Aylward.
Meanwhile, Phoenix completed the sale of Virtus' former headquarters, a 90,000 square foot building at 96 Prospect Street in Hartford, Connecticut to Northeast Utilities. CB Richard Ellis represented Phoenix in the deal.
Virtus employees moved into their new headquarters on 100 Pearl Street,
about two blocks away, Monday last week (see The MFWire, December 15, 2008).
Company Press Release
HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX - News) today announced that the Securities and Exchange Commission (SEC) has declared effective the Form 10 Registration Statement relating to the spin-off of Virtus Investment Partners, Inc., a subsidiary, into an independent publicly traded asset management firm.
The spin-off, which was approved by Phoenix’s board of directors on December 12, will occur through a pro rata dividend of Virtus common stock to Phoenix’s shareholders.
The distribution of Virtus stock to Phoenix shareholders will occur on December 31, 2008, at a ratio of one share of Virtus stock for every 20 shares of Phoenix stock held, subject to conditions outlined in the information statement filed with the SEC. Fractional shares of Virtus common stock will not be distributed, and any Phoenix shareholder entitled to receive a fractional share will, instead, receive a cash payment in January of 2009. Phoenix also confirmed the record date of December 22, 2008 at 5 p.m., New York City time. Those holding Phoenix shares at the market close on the record date will be entitled to receive the Virtus distribution.
Virtus’s common stock will be listed on the NASDAQ Global Market (NASDAQ) under the symbol “VRTS.” “When issued” trading is expected to begin on December 23, 2008.
“We are very pleased to complete the regulatory approval process for the spin-off and prepare to launch Virtus as a stand-alone company on December 31. The separation of Phoenix and Virtus will enable both companies to deploy their resources appropriately and maximize their own, distinct opportunities,” said Dona D. Young, chairman, president and chief executive officer of The Phoenix Companies.
“We are excited about the opportunity to begin 2009 as an independent, publicly traded company,” said George R. Aylward, president of Virtus Investment Partners. “With our multi-manager, multi-discipline approach to asset management and our broad distribution reach, we are well positioned to efficiently grow our business and build value for our future shareholders,” said George R. Aylward, president of Virtus Investment Partners.
The distribution of shares will be made in book-entry form. Registered holders of Phoenix common stock who are entitled to receive the distribution will receive a book-entry account statement reflecting their ownership of Virtus common stock. Holders of Phoenix common stock who hold their shares through a broker, bank or other nominee will have their brokerage account credited with the Virtus common stock. No action is required by Phoenix shareholders, nor will they be required to surrender any Phoenix shares, to receive their Virtus common stock.
Holders of Phoenix common stock are encouraged to consult with their financial advisors regarding the specific implications of selling Phoenix common stock on or before the distribution date. On or about December 26, 2008, Phoenix will mail an information statement to all shareholders of Phoenix common stock as of the record date. The information statement will include information regarding the procedures by which the distribution will be effected, the business and management of Virtus, the risks of holding Virtus common stock, and other details of the transaction. The information statement is included as an exhibit to the Form 10 Registration Statement, as amended, filed by Virtus with the Securities and Exchange Commission (SEC). It is available on at the SEC’s Web site at www.sec.gov, Phoenix’s Web site, www.phoenixwm.com, and Virtus’s Web site, www.virtus.com.
About The Phoenix Companies, Inc.
With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX - News) helps its customers find straightforward solutions to often highly complex personal financial and business planning needs through life insurance and annuities. Phoenix’s products are available through a wide variety of third-party financial professionals and intermediaries, supported by the company’s wholesalers and financial planning specialists. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.
About Virtus Investment Partners, Inc.
Virtus Investment Partners (NASDAQ: VRTS - News) provides investment management products and services to individuals and institutions. It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Virtus Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. For more information, visit www.virtus.com.