London Stock Exchange Welcomes Resolution Ltd to the Main Market

  • £600m raised in one of ten biggest international IPOs of last five years

The London Stock Exchange today welcomed Resolution Limited to its Main Market. The company has raised £600 million, making it one of the year’s biggest IPOs in terms of money raised, and one of the ten biggest international IPOs to be conducted in the UK in the last five years. To mark the occasion, Clive Cowdery and John Tiner, the founder and Chief Executive of Resolution, joined the Chairman of the London Stock Exchange, Chris Gibson-Smith, to officially open the markets.

John Tiner, Chief Executive of Resolution said:

“We are delighted the company is joining the Main Market of the LSE. Resolution provides a compelling proposition for public market investors.”

Chris Gibson-Smith, Chairman of the London Stock Exchange Group, said:

“We are delighted to welcome Resolution Limited to our Main Market today. Their IPO, one of the biggest this year, and indeed one of the ten biggest international IPOs to be conducted in London in the last five years, shows that in spite of difficult market conditions globally, London is open for business, and companies continue to raise large amounts of capital here through IPOs and further money raising.”

Lazard & Co is acting as financial advisor in connection with the placing. Citi, HSBC and Merrill Lynch are acting as joint global co-ordinators, joint bookrunners and joint underwriters.

The top ten international Main Market IPOs of the last five years are:

Date

Company

Money Raised (£m)

19 July 2006

Rosneft OJSC

3,580.5

17 May 2007

VTB Bank(JSC)

3,218.2

08 February 2006

Lotte Shopping Co

1,586.2

09 May 2008

New World Resources NV

1,264.9

20 March 2007

Smurfit Kappa PLC

1,003.5

30 June 2005

Partygaming

906.7

11 May 2007

AFI Development Plc

773.2

14 February 2005

Sistema JSFC

717.6

10 December 2008

Resolution

600.0

15 December 2004

Air China

592.5

For further information AND PHOTOS OF THE EVENT, please contact:

Catherine Mattison/ Press Office +44 (0)20 7797 1222

Jonny Blostone newsroom@londonstockexchange.com


Notes to editors:

1. ‘International IPOs’ refers to IPOs conducted by companies incorporated outside the UK.

About Resolution Limited:

Resolution Limited is a newly established company that intends to acquire or make significant investments in UK and Western European businesses in the following sectors;

  • life assurance and savings;
  • banking, credit and non bank financial assets;
  • asset management; and
  • reinsurance and general insurance.

In the near term, the Company expects to focus on the assessment of opportunities in the life assurance and asset management sectors. It is anticipated that its first acquisition is likely to be in the UK.

About London Stock Exchange Group:

London Stock Exchange Group is Europe's leading diversified exchange business. It operates Europe's largest and most liquid equity market, holds the number one position in trading ETFs and securitised derivatives, and through its interest in MTS, is the leading platform for the trading of fixed income products.

The London Stock Exchange itself is the world's most international exchange with over 700 overseas companies from over 70 countries on its markets. It has consolidated this position in the last two calendar years, having attracted 202 international companies which raised nearly £30 billion between them. These figures include international companies on AIM, the London Stock Exchange's growth market, which has grown to become the world's most successful market for small and medium sized enterprises with close to 1700 companies at the end of 2007.

Following its merger with Borsa Italiana in 2007, London Stock Exchange Group also now offers post-trade services such as netting, clearing and settlement on an efficient and competitive basis, and a comprehensive range of European bond trading services through MTS.