9th Mar 2009 07:00
9 March 2009
RESOLUTION LIMITED
Registered Office: Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands
Company Number: 49558
Notification received by Resolution Limited
Resolution Limited (the "Company") has been notified by its Chairman and by its provider of operating services, Resolution Operations LLP ("ROL"), that the former chairman and executive directors of Resolution plc (now Pearl Group Holdings (No 1) Limited) ("RPLC") have become the subject of an investigation by the Financial Services Authority (the "FSA") in relation to certain actions of RPLC and of such former directors during the period between October 2007 and May 2008. This includes the Company's Chairman, and a number of members of the ROL operating team (the "RPLC Directors").
All parties understand the FSA's requirement to investigate and the RPLC Directors are all committed to assisting the FSA with a view to bringing this matter to a swift conclusion.
The Company continues to be led by its Chairman, Mike Biggs. The Board has temporarily appointed Phil Hodkinson as Senior Independent Director and he will chair a special committee of the Board comprising the directors other than the Chairman. This committee will address any matter concerning the FSA investigation as it relates to the Company.
Whilst the Company would not expect to submit a final application to the FSA for change of control in respect of potential acquisition opportunities and therefore complete any acquisition until this matter has been resolved, ROL remains fully engaged in assessing and progressing such opportunities for the Company.
Enquiries:
Alex Child-Villiers, Temple Bar Advisory Telephone: +44 (0)7795 425580
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 Resolution Operations LLP, an FSA authorised UK limited liability partnership.
Related Shares:
FLG.L