LONDON -(Dow Jones)- Resolution Limited (RSL.LN) and Friends Provident Group Plc (FP.LN), announced Wednesday that the High Court of Justice has made an order confirming the Capital Reduction. Under the settlement RSL will pay a total of GBP312 million in cash and issue 1,752,451,145 New RSL Shares to Scheme Shareholders as consideration for the Acquisition.
MAIN FACTS:
-The Court order relating to the Capital Reduction was registered Wednesday, November 4.
-Accordingly the Scheme has become Effective in accordance with its terms.
-It is expected that admission of the New RSL Shares to listing on the Official List of the U.K. Listing Authority, to trading on the London Stock Exchange's main market for listed securities, and the transfer of RSL to a Primary Listing will occur at or about 0800 GMT, November 5.
-Scheme Shareholders who opted to make Further Cash Elections will therefore receive the full amount they elected to receive in cash.
-Immediately following Admission, RSL's total issued share capital will comprise 2,412,451,145 ordinary shares of no par value.
-Despatch of cheques in respect of cash consideration or settlement of cash consideration through CREST (as appropriate) and statements of entitlements to or share certificates in relation to New RSL Shares (as appropriate) will take place no later than Nov. 18.
-Settlement of New RSL Shares through CREST is expected to take place on November 5.
-The admission of the Friends Provident Shares to the Official List of the U.K. Listing Authority and to trading on the London Stock Exchange's main market for listed securities, which was suspended with effect from 0730 GMT on November 2, is therefore expected to be cancelled, at Friends Provident's request, with effect from 0800 GMT on November 5.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com