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Statement re Completion of Acquisition

15th Sep 2010 08:06

RNS Number : 7242S
Resolution Limited
15 September 2010
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE, NOR A SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES, IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN.

THE COMPANY'S ORDINARY SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS THEY ARE REGISTERED UNDER APPLICABLE LAW OR EXEMPT FROM REGISTRATION. The Ordinary Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any US regulatory authority. THE COMPANY WILL NOT BE REGISTERED UNDER THE US INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND INVESTORS WILL NOT BE ENTITLED TO THE BENEFITS OF THE ACT. 

15 September 2010

For immediate release

Resolution Limited ("Resolution" or the "Company")

 

Completion of the acquisition of the majority of the AXA UK Life Business

Further to the announcement made on 24 June 2010, Resolution is pleased to announce the completion of the acquisition of the majority of the AXA UK Life Business by Friends Provident Holdings (UK) Limited ("FPH"), a subsidiary undertaking of Resolution (the "Acquisition").

Accordingly, as the Acquisition is classified as a reverse takeover under the Listing Rules, the cancellation of, and immediate re-admission to, listing of all of Resolution's issued ordinary shares on the London Stock Exchange took place at 8.00 a.m. this morning.

Terms of the Acquisition

The terms of the Acquisition remain as set out in the prospectus dated 29 June 2010 relating to the Acquisition and associated Rights Issue (the "Prospectus"). Unless otherwise defined, capitalised terms used in this announcement have the meaning given to them in the Prospectus.

Board and Management Update

Following completion of the Acquisition, the FPH board and leadership team have responsibility for the management of the day-to-day operations of the combined businesses.

Trevor Matthews, CEO of Friends Provident, continues in that capacity and has been joined on the FPH board by two new executive directors, David Hynam and Andy Parsons, both formerly of AXA. David joins the board in the role of Executive Director - Operations. In recognition of the increased demands of the Enlarged Group and the trend towards board level risk roles, the role of Chief Financial Officer has been split. Evelyn Bourke, formerly Chief Financial Officer of Friends Provident, is now Executive Director - Strategy, Capital and Risk, and Andy Parsons has been appointed on an interim basis as Executive Director - Finance. 

A new organisational structure is being implemented which will broaden the complement of top management in the business. The market facing business units covering individuals and corporates are now led by Graham Harvey and Paul McMahon, respectively, who have both joined from AXA. They are now members of the Friends Provident Leadership Team along with the CEO, the executive directors and the Head of International of Friends Provident.

Enquiries:

 

Resolution

 

Media

 

Alex Child-Villiers, Temple Bar Advisory

+44 (0) 7795 425580

Investors/analysts

 

Neil Wesley, Director of Investor Strategy

 

+44 (0)20 3372 2928

Notes to Editors

Resolution Limited

Resolution's ordinary shares were admitted to the Official List and to trading on the main market of the London Stock Exchange in December 2008. The Company transferred to a Premium Listing as it completed its first acquisition on 4 November 2009 and is subject to those provisions of the Listing Rules that apply to overseas companies with a Premium Listing. The Company's objective is to acquire businesses and provide the public markets with a series of restructuring opportunities in the financial services industry in the UK and Western Europe.

A copy of this announcement is and will be available free of charge, subject to certain restrictions relating to persons resident in restricted jurisdictions, for inspection on Resolution's website at www.resolution.gg.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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