29th Jan 2008 18:22
Friends Provident PLC29 January 2008 29 January 2008 Friends Provident plc appoints Group CEO Friends Provident plc announces the appointment of Trevor Matthews as Group CEO.Formerly the Chief Executive of Standard Life Assurance, the principalsubsidiary of Standard Life plc., Trevor has a strong track record and extensiveexperience across a range of countries, bringing with him broad internationalexperience and credibility. He has been a significant contributor to productinnovation and the development of distribution that has been key to the successof Standard Life in the UK. Before joining Standard Life in 2004, Trevor Matthews held two key positions atManulife Financial Corporation - Executive Vice President in Canada andsubsequently President and Chief Executive, Japan. Prior to that he held seniorpositions in both National Australia Bank and Legal & General Australia. Sir Adrian Montague, the Chairman of Friends Provident, commenting on theappointment said: "I am delighted Trevor Matthews has chosen to join Friends Provident at thiscritical time in the company's history. Trevor has an outstanding track recordof success in the life sector. He has a deep understanding of the industry builton his extensive international experience and more recent work in the UK andwith the right skills, enthusiasm and drive to lead this company forward. Trevorhas the determination to make sure Friends Provident vigorously pursues theprofitable opportunities to build shareholder confidence and value." Commenting on his appointment Trevor Matthews said: "This is an outstanding opportunity for me, and I look forward to it immensely.Friends Provident has an enviable reputation for serving its customers well andproviding intermediaries with innovative products and systems. Whilst thecurrent environment is challenging, I plan to put past uncertainties behind and,with the team, profitably grow and develop the business. There are manyopportunities and Friends Provident is very well placed to capitalise on these." The appointment of Trevor Matthews is subject to the usual regulatory approval. - Ends - For further information, please contact: Nick Boakes Friends Provident plc +44 (0)845 641 7814Vanessa Neill Finsbury Limited +44 (0)20 7251 3801 Notes to Editors Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if anyperson is, or becomes, 'interested' (directly or indirectly) in 1% or more ofany class of 'relevant securities' of Friends Provident, all 'dealings' in any'relevant securities' of that company (including by means of an option inrespect of, or a derivative referenced to, any such 'relevant securities') mustbe publicly disclosed by no later than 3.30pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the 'offer period' otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an 'interest' in 'relevant securities' of Friends Provident, they willbe deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevantsecurities' of Friends Provident by an offeror or Friends Provident, or by anyof their respective 'associates', must be disclosed by no later than 12.00 noon(London time) on the London business day following the date of the relevanttransaction. A disclosure table, giving details of the companies in whose 'relevantsecurities''dealings' should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an 'interest' byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubts as to whether or not you are requiredto disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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