Resolution chief Clive Cowdery will dispose of his 3% stake in the company ahead of the planned Pearl Group takeover.
Cowdery is expected to liquidate the stock, worth approximately £147m, before Resolution enters a close period on 1 January 2008.
In a statement to the stock exchange this morning, Resolution says Cowdery intends to create a new charity, The Resolution Trust, which will receive approximately £20m in both share transfer and the proceeds of sales now and at completion of the transaction.
“The Resolution Trust has been established to ensure continued funding for the work of The Resolution Foundation, an independent research and policy organisation formed in September 2005 and concerned with how people on low to moderate incomes fair in the mixed welfare economy,” the statement reads.
“The trust will also be able to contribute to the work of other charities, with a particular interest in promoting increased social mobility.”
Pearl, led by Hugh Osmond, is purchasing Resolution in a £4.9bn or 720p per share deal.
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