18th Dec 2008 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN
18 December 2008
Resolution Limited
Exercise of Over-Allotment Option - Gross Proceeds of Placing now £660 million
Resolution Limited (the "Company") is pleased to announce that in connection with the placing (the "Placing") of its newly issued ordinary shares announced on 5 December 2008, Citi, as stabilisation manager, has exercised in full its over-allotment option in respect of 60 million ordinary shares granted to it by the Company.
The Company will receive an additional £60 million gross proceeds arising from the exercise of the over-allotment option. Including the exercise of the over-allotment option, the gross proceeds of the Placing are now £660 million and the Company's issued share capital comprises 660 million ordinary shares of no par value.
Citi as stabilisation manager confirms that it has made no stabilisation trades since the commencement of the stabilisation period at 8.00 a.m. on 5 December 2008 and that no stabilisation trades will now be undertaken.
Resolution Capital Limited is acting as facilitator and formation co-ordinator in connection with the Placing.
Lazard & Co., Limited is acting as financial advisor in connection with the Placing.
Citi, HSBC and Merrill Lynch International are acting as joint global co-ordinators, joint bookrunners and joint underwriters in connection with the Placing.
For further information, please contact:
Resolution Limited: Mike Biggs Tel: +44 (0) 1481 745 368
Resolution Operations LLP: Steve Riley Tel: +44 (0)20 7016 9089
Lazard: Jon Hack, Edmund Dilger Tel: +44 (0) 20 7187 2000
Citi: Andrew Thompson, John Sandhu Tel: +44 (0) 20 7986 4000
HSBC: Anthony Bernbaum, Nick Donald Tel: +44 (0) 20 7991 8888
Merrill Lynch: Caroline Silver, Andrew Tusa Tel: +44 (0) 20 7628 1000
Temple Bar Advisory: Alex Child-Villiers, Caroline Merrell (Media) Tel: +44 (0) 20 7002 1080
Important information
This announcement does not constitute, contain or form part of any offer of securities, or constitute a solicitation of any offer to purchase or subscribe for securities.
The contents of this announcement have been prepared by and are the sole responsibility of the Company. The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
The distribution of this announcement and other information in connection with the Placing in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The price and value of securities may go up as well as down. Persons needing advice should contact a professional adviser. Past performance cannot be relied upon as a guide to future performance.
This announcement is not for publication or distribution (directly or indirectly) to US persons or in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia or Japan (or any other jurisdiction where to do the same would constitute a violation of the relevant securities laws of such jurisdiction).
The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Accordingly, they may not be offered or sold in the United States, absent registration or an exemption from the registration requirements of the Securities Act. No public offering of securities will be made in the United States. Resolution Limited will not be registered under the US Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act.
Citi, HSBC, Lazard and Merrill Lynch, each of which is regulated in the United Kingdom by the Financial Services Authority ("FSA"), are acting for the Company and no one else in connection with the Placing and will not regard any other person (whether or not a recipient of this document) as a client in relation to the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Placing or any matters referred to in this document. Apart from the responsibilities and liabilities, if any, which may be imposed on Citi, HSBC, Lazard or Merrill Lynch by FSMA or the regulatory regime established thereunder, each of Citi, HSBC, Lazard and Merrill Lynch accepts no responsibility whatsoever for the contents of this document, including its accuracy, completeness or verification, or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the ordinary shares or the Placing. Citi, HSBC, Lazard and Merrill Lynch accordingly disclaim all and any liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this document or any such statement.
Related Shares:
FLG.L