CLIVE Cowdery, chairman of Resolution and founder of Resolution Life Group, has put his 3pc stake in the group on the market, in advance of Resolution's sale to Pearl Group.
The recommended offer from Pearl's subsidiary Impala Holdings was announced by Pearl on November 16, 2007, and is due to become effective from February 4, 2008. Cowdery's notification of his intention to sell his stake is in accordance with Resolution's close period which commences on January 1, 2008, and any share sales or transfers need to be completed by that date. A new charity, The Resolution Trust, will receive approximately £20m in share transfers and the proceeds of share sales, both now and at completion of the transaction. The trust has been set up to ensure continued fundin...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
