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Pearl submits revised application for Resolution acquisition to FSA

Pearl has submitted its revised change of control application for the acquisition of Resolution to the FSA.

The delay to the deal occurred because Pearl needed further detailed and updated information on Resolution’s financial position in light of the recent market volatility.

The 720p per Resolution share deal was originally due to be completed in February but has suffered several delays to allow further discussions with the FSA.

The FSA has up to three months to consider any revised change of control application submitted by Pearl, but it has indicated that it will seek to conclude this in a shorter period.

Pearl and Resolution say this means that the acquisition is unlikely to become effective before the end of April.

Resolution says it will probably have to provide a preliminary announcement of its results for 2007 to the market on April 29 in accordance with regulatory
requirements.


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