Ron Sandler is nearing his ambition of floating Phoenix Group on the London Stock Exchange.

It has been reportedly said that insurer, also known as Pearl, will soon be tagged with the cost of £800 million.

Discussions are going on and will complete soon with the holders of "contingent rights" that gets transformed into ordinary shares.

One of these holders is the investment Company run by Hugh Osmond, named Sun Capital. Mr. Osmond created Pearl and used to own it with TDR Capital, the private equity group. He left the Group following a complicated debt restructuring. Then, Mr. Osmond hired Mr. Sandler as chairman of Pearl last year.

Initially, Mr. Sandler stated that it was a part time job for him as he continued as the Chairman of Northern Rock.

The reformation of Pearl named the group Phoenix, and it needed Financial Services Authority due to the high debts it earned in acquisitions.

In return of this, Mr. Osmond along with other shareholders got the contingent rights. Phoenix however is listed in Amsterdam but is wants to have the London quote.

Phoenix has advisers Deutsche Bank and JP Morgan on board and also the Senior Executives expect that the shares could be listed by the end of June.

Apart from the proposed £220 million listing of Jupiter, the fund manager, flotation is going to be one of the most important events in financial services this year.