Update on capital synergies and AXA UK separation (9253S)
November 29 2011 - 1:00AM
UK Regulatory
TIDMRSL TIDM35PG
RNS Number : 9253S
Resolution Limited
29 November 2011
Resolution Limited ("Resolution" or the "Company")
29 November 2011
Update on delivery of capital synergies and separation from AXA
UK
Resolution is pleased to announced that on 18 November 2011, the
High Court approved a Part VII scheme ("the Scheme") to transfer
certain businesses to Friends Provident Life and Pensions Limited,
the main UK life assurance company owned by the Company's
subsidiary, Friends Life Group plc ("FLG"). The Scheme will take
effect from 1 December 2011 and completes the delivery of planned
capital synergies for 2011 as set out in the Company's "UK Life
Project - Cash and Capital Update" on 7 June 2011.
The delivery of these capital synergies was required to enable
the Company to undertake a further GBP250 million cash return to
shareholders in 2012, subject to market conditions and regulatory
approvals.
The Company is also pleased to announce that FLG will acquire
Winterthur Life UK Limited from AXA UK on 30 November 2011. This
transaction, which completes the acquisition of companies from AXA
UK announced in June 2010, follows completion of two other Part VII
schemes to transfer out certain portfolios of business which the
Company did not wish to acquire. From 1 December 2011, the Company
no longer has any material operations classified as "held for
sale".
Enquiries:
Investors / analysts
Neil Wesley, Resolution Operations
LLP +44 (0)20 3372 2928
Media
Alex Child-Villiers, Temple Bar
Advisory +44 (0)7795 425 580
Notes to the editors:
Resolution Limited
Resolution's current restructuring project is in the UK life and
related asset management sectors (the "UK Life Project").
The Company'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 Group plc, 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 completed its second acquisition, the majority of the AXA
UK life business, on 15 September 2010. On 31 January 2011, the
Company completed its third acquisition, the shares and business of
Bupa Health Assurance Limited.
A copy of this announcement is and will be available, subject to
certain restrictions relating to persons resident in restricted
jurisdictions, for inspection on the Company's website at
www.resolution.gg
For the avoidance of doubt any other information contained on
Resolution's website does not form part of this announcement.
Friends Life
With effect from 1 December 2011, two of Friends Life's main UK
life companies will be renamed.
-- Friends Provident Life and Pensions Limited will be renamed Friends Life Limited; and
-- Friends Provident Pensions Limited will be renamed Friends Life and Pensions Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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