Resolution falls out of FTSE 100

10 March 2010 11:05 am | By Helen Pow

Clive Cowdery’s consolidation vehicle floated in December 2008, when Cowdery raised £660m by selling shares at 100p.

It acquired Friends Provident in its first deal for £1.9bn last summer but the firm has failed to secure another suitor since, despite almost constant speculation.

From a high of 116p, Resolution shares had retreated to 71.96p last night. The firm is now the 123rd biggest company on the London Stock Exchange, worth £1.7bn.

A Resolution spokesman says: “Resolution is highly focused on delivering value to investors, remains confident of meeting its target mid-teen returns and is not unduly concerned about stock volatility during the period of a restructuring project.

“We expect future acquisitions to take Resolution back into the FTSE 100 in due course and, in the meantime, movements in equity markets will have limited impact on Resolution’s balance sheet or credit rating.”

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