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Resolution raises £600m ahead of stock market float

Clive Cowdery’s consolidation vehicle Resolution has raised £660m it announced in a stock market alert today.

Resolution has listed on the stock exchange for conditional dealing today but its official flotation will take place on December 10.

The company has placed 600 million of shares worth £1 each and has granted Citi an over-allotment option of 60 milllion shares, which if taken up will raise the value of the flotation to £660m.

Resolution’s team is investing £20m to take a 3 per cent stake in the company as part of the placing.

Chief executive of Resolution Operations says: “We are delighted with the calibre of investors who have decided to back Resolution’s restructuring
plans in financial services.

“We are excited about the value creating opportunities in the life insurance and asset management sectors in particular.”

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