Resolution Announcement
Not for release, publication or distribution in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction
For immediate release
20 March 2008
Resolution plc
Update
in relation to the
RECOMMENDED ACQUISITION
of
Resolution plc ("Resolution")
by
Impala Holdings Limited ("Impala"), a subsidiary of Pearl Group Limited ("Pearl"), to be implemented by means of a scheme of arrangement under section 425 of the Companies Act 1985 (the "Acquisition")
Pearl and Resolution are pleased to announce that Pearl has submitted its revised change of control application to the FSA.
Pearl and Resolution confirm their commitment to the Acquisition and Resolution continues to assist Pearl and the FSA in connection with Pearl's revised change of control application.
As previously announced, the FSA has up to three months to consider any revised change of control application submitted by Pearl, but it has indicated that it would in practice seek to conclude its change of control process in a shorter period. Assuming that the FSA gives the necessary approval, subject to the sanction of the Scheme by the Court and the satisfaction, or where relevant, waiver of the other Conditions, the Acquisition is expected to be effective approximately two weeks after the date of the FSA approval, subject to the availability of Court dates for the necessary hearings.
In practice, Pearl and Resolution expect this means that the Acquisition is unlikely to become effective before the end of April. As a result, Resolution currently anticipates having to provide a preliminary announcement of its results for 2007 to the market on 29 April in accordance with regulatory requirements.
Pearl and Resolution will update investors again once further information regarding the timetable to completion is available.
Capitalised terms in this announcement have the same meaning as set out in the Scheme Document dated 12 December 2007 unless the context requires otherwise.
Enquiries:
Resolution plc
Jim Newman
+44 (0) 20 7489 4880
Temple Bar Advisory (PR adviser to Resolution)
Alex Child-Villiers
+44 (0) 20 7002 1080
+44 (0) 7795 425 580 (mobile)
Pearl Group Limited
Terry Eccles
+44 (0) 20 7677 4054
Citigate Dewe Rogerson (PR adviser to Pearl and Impala)
Anthony Carlisle
+44 (0) 20 7638 9571
+44 (0) 7973 611 888 (mobile)