* Bonds dispute not an obstacle to listing - spokesman

* Pearl can't negotiate on varying bond offer - spokesman

LONDON, Jan 7 - Insurer Pearl Group (PEARL.AS) said a dispute with its bondholders over repayment terms won't jeopardise its efforts to obtain a listing on the London Stock Exchange's (LSE) most closely-regulated segment.

A group of investors holding nearly two-thirds of a 500 million pound ($795.3 million) Pearl bond on Wednesday rejected a proposal from the company aimed at reducing the amount it must repay, saying there was no justification whatsoever for the move.

A spokesman for Euronext-listed Pearl said the standoff would not derail its efforts to get a premium listing on the LSE, which would oblige it to meet stringent corporate governance standards, but could reduce its overall cost of capital thanks to improved investor confidence.

We haven't done anything wrong that would disqualify us from a premium listing, the spokesman said on Thursday.

I don't think this has any impact on a premium listing.


London-based Pearl, an acquirer and consolidator of British closed life insurers built up by entrepreneur Hugh Osmond, incurred heavy debts to finance its 5 billion pound takeover of rival Resolution in 2007.

The company deferred coupons on the 500 million bond in April last year, and five months later negotiated a financial shake-up under which its banks wrote off 14 percent of their loans to the group, while its shareholders sacrificed 70 percent of their holdings.

The Pearl spokesman added that it can't offer a better deal to the bondholders because its banks won't agree to more generous terms.

We are willing to talk to the bondholders at any time. What we'd be unable to do is start negotiations on varying the offer we've made to them, he said.

Under the proposal to bondholders, Pearl is asking for a 25 percent reduction in the face value of the bonds in return for a promise to suspend dividends to shareholders if any bond coupons are missed in future.

Pearl has also launched an offer to buy back 100 million of the notes at 45 percent of par value. The offer closes on Jan. 15.

Pearl shares were down 1.55 percent at 7.61 euros by 1559 GMT, valuing the company at about 715 million euros ($1.03 billion).

(Reporting by Myles Neligan; Editing by Sharon Lindores) ($1=.6287 Pound) ($1=.6976 Euro)