Statement re Simplification of capital structure (1632Y)
December 17 2010 - 1:17AM
UK Regulatory
TIDMRSL TIDM35PG
RNS Number : 1632Y
Resolution Limited
17 December 2010
17 December 2010
Resolution Limited (the "Company" or "RSL")
Simplification of group debt capital structure
As announced on 15 December 2010 and this morning by the
Company's subsidiary undertaking, Friends Provident Group plc
("FPG"), Friends Provident Holdings (UK) pIc ("FPH") (company
number 06986155) (the parent company of FPG) has been substituted
for FPG as the principal debtor in respect of all the RSL group's
listed debt securities. All of the securities continue to be
guaranteed by Friends Provident Life and Pensions Limited on the
same terms and subject to the same conditions as prior to the
substitution, and continue to be admitted to listing on the
Official List of the UK Listing Authority and to trading on the
regulated market of the London Stock Exchange plc.
FPH is the holding company for all of the businesses in the RSL
group's UK life and asset management project. It is the owner of
the Friends Provident and acquired AXA UK life businesses.
Substituting FPH so that it is the principal debtor in respect of
all the listed debt securities for RSL's UK life and asset
management project simplifies the group's ongoing financial
reporting and expected future capital structure and means that
payments due on the listed debt securities will be supported by
cashflows emerging from both the Friends Provident and acquired AXA
UK life businesses.
Enquiries:
Investors/analysts
Jim Newman, Resolution Operations LLP +44 (0)20 3372 2928
Media
Alex Child-Villiers, Temple Bar Advisory +44 (0) 7795 425580
Notes to editors:
For further details regarding the substitution and the RSL
group's listed debt securities, see the two announcements entitled
Notice of Substitution released on 15 December 2010 and today by
FPG and available on its website at
www.friendsprovident.co.uk/investor.
RSL'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, Friends Provident, 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 announced
the completion of its second acquisition, the majority of the AXA
UK life business, on 15 September 2010. Its third acquisition, the
shares and business of Bupa Health Assurance Limited, was announced
on 15 October 2010 and is expected to complete early in the new
year.
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. Its
current restructuring project is in the UK life and asset
management sectors.
The Company has previously stated that it expects to refinance
its GBP400m acquisition finance facility entered into to part fund
its AXA UK life businesses acquisition by the issue of Tier 2 (as
defined by the FSA) securities by FPH.
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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