3rd Jul 2009 10:29
Demerger of the Group's stake in F&C Asset Management plc - Demerger Effective
3 July 2009
Further to the announcement made at 7.00 am today relating to the demerger of the Group's stake in F&C Asset Management plc to Shareholders, Friends Provident Group plc is pleased to announce that the Court order confirming the Demerger and related reduction of capital has now been registered by the UK Registrar of Companies.
The Demerger has now become effective and marks the completion of a major strategic objective for the Group.
Trevor Matthews, chief executive officer, said
"The Demerger marks a further significant milestone for Friends Provident. This action is part of the ongoing implementation of our strategy. We look forward to a strong working relationship with F&C that continues to provide benefits for our customers and shareholders."
Enquiries:
Friends Provident Group plc
Gordon Ellis (Company Secretary)
+44 (0)845 268 3441Peter Timberlake+44 (0)845 641 7834Chris Ford+44 (0)845 641 7832Richard Everett+44 (0)845 268 4111Goldman Sachs InternationalSimon DingemansPaul Miller+44 (0)20 7774 1000J.P. Morgan CazenoveTim WiseConor Hillery+44 (0)20 7155 2828FinsburyVanessa Neill+44 (0)20 7251 3801Notes and Definitions
Unless otherwise defined, capitalised terms used in this announcement have the same meaning as in the circular sent by Friends Provident plc to Shareholders on 26 May 2009 in connection with the Demerger Reduction.
In total, the Group owned approximately 52 per cent of F&C. Not all of the ordinary shares in F&C which the Group owned were demerged to Shareholders. The Group retains an approximate 5.27 per cent holding in F&C in order to sell this stake in the market and to use the proceeds of sale to fund the costs of the Reorganisation, Demerger and Cash-out Procedure.
J.P. Morgan Cazenove Limited is acting exclusively for Friends Provident Group in relation to the Demerger and for no-one else and will not be responsible to anyone other than Friends Provident Group for providing the protections afforded to the respective clients of J.P. Morgan Cazenove Limited nor for providing any advice in relation to the Demerger or the contents of this announcement or any transaction, arrangement or matter referred to herein.
Goldman Sachs International is acting exclusively for Friends Provident Group in relation to the Demerger and for no-one else and will not be responsible to anyone other than Friends Provident Group for providing the protections afforded to the respective clients of Goldman Sachs International nor for providing any advice in relation to the Demerger or the contents of this announcement or any transaction, arrangement or matter referred to herein.
This document does not constitute or form part of any offer or invitation to sell or issue, or the solicitation to purchase or subscribe for shares in F&C in any jurisdiction.
None of the F&C Shares will be, or are required to be, registered under the US Securities Act of 1933 (the ``US Securities Act"). The F&C Shares may not be offered or sold in the United States absent registration under the US Securities Act or an exemption therefrom. No public offering of securities is being made in the United States.
The F&C Shares issued to, or for the benefit of, any resident of Canada pursuant to the Demerger will not be qualified for sale under the securities laws of any province or territory of Canada and will be subject to resale restrictions. Shareholders who are residents of Canada should consult their own legal and tax advisers with respect of the legal and tax consequences of the Demerger in their particular circumstances.
mapperRelated Shares:
Fondul Proprietatea