12th Nov 2007 07:01
Resolution PLC12 November 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO ORFROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THERELEVANT LAWS OF SUCH JURISDICTION For immediate release11 November 2007 RESOLUTION PLC STATEMENT RE STANDARD LIFE Resolution plc ("Resolution" or the "Company") notes the announcement earliertoday by Standard Life plc in response to recent market conditions that it hasdecided not to increase or restructure its offer for Resolution in any way andaccordingly does not expect its offer to be implemented. Resolution continues to engage with Pearl Group Limited regarding its cash offerfor the Company. A further announcement will be made in due course. Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,'interested' (directly or indirectly) in 1% or more of any class of 'relevantsecurities' of Standard Life or Resolution all 'dealings' in any 'relevantsecurities' of that company (including by means of an option in respect of, or aderivative referenced to, any such 'relevant securities') must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which any offer becomes, or is declared, unconditional as toacceptances (or, if implemented by a scheme of arrangement, such scheme becomeseffective), lapses or is otherwise withdrawn or on which the 'offer period'otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an 'interest' in 'relevantsecurities' of Standard Life or Resolution, they will be deemed to be a singleperson for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevantsecurities' of Resolution by Standard Life or of Standard Life by Resolution, orby any of their respective 'associates', must be disclosed by no later than12.00 noon (London time) on the London business day following the date of therelevant transaction. A disclosure table, giving details of the companies inwhose 'relevant securities' 'dealings' should be disclosed, and the number ofsuch securities in issue, 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 City Code, which can also be foundon the Takeover Panel's website. If you are in any doubt as to whether or notyou are required to disclose a 'dealing' under Rule 8, you should consult theTakeover Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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