8th May 2009 07:00
8 April 2009
RESOLUTION LIMITED
Registered Office: Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands
Company Number: 49558
FSA Investigation Closed
Resolution Limited (the "Company") is pleased to announce that it has been informed by its Chairman and its provider of operating services, Resolution Operations LLP ("ROL"), that the UK Financial Services Authority ("FSA") has closed its investigation into the matters outlined in the Company's announcement of 9 March.
The FSA has also confirmed to the Company that, following the closure of its investigation, any final change of control application submitted to the FSA by the Company in relation to a potential acquisition would be considered in the normal way.
Mike Biggs, Chairman of the Company, said "Whilst those of us being investigated never had any doubt regarding the outcome, we were concerned by the market disruption caused to the Company by the FSA's need to investigate. We greatly appreciate the FSA undertaking its investigation in such an efficient and timely manner, enabling it to be brought to a swift and decisive conclusion."
The Company aims to acquire and restructure financial services businesses and to sell or demerge the restructured businesses to realise value for its shareholders. Throughout the period of this investigation, ROL has remained fully engaged in assessing and progressing potential transactions on behalf of the Company, focussed on the UK life assurance and asset management sectors.
Enquiries:
Media
Alex Child-Villiers, Temple Bar Advisory +44 (0)7795 425580
Investors / analysts
Steve Riley, Resolution Operations LLP +44 (0)20 7016 9085
Resolution Limited is a London Stock Exchange listed, Guernsey incorporated company. Its purpose is to acquire businesses in one or more of the life assurance, asset management, general insurance, banking and diversified general financial sectors in the UK and elsewhere in Western Europe over time. The Company has outsourced most of its operating functions, including the identification and assessment of acquisition opportunities and the design and execution of the restructuring and disposal process for acquired businesses, to ROL, an FSA authorised UK limited liability partnership.
The Company announced on 9 March 2009 that it had been notified by its Chairman and ROL that the former chairman and executive directors of Resolution plc (now Pearl Group Holdings No. 1 Limited) ("RPLC") had become the subject of an investigation by the FSA in relation to certain actions of such former directors and RPLC during the period between October 2007 and May 2008. This included the Company's Chairman and a number of members of the ROL operating team.
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