PEARL WILL RESUBMIT RESOLUTION PLANS TO REGULATOR THIS WEEK

UK-based life assurer and run-off specialist Pearl said on Friday that locally-based run-off operation Pearl, which has made an agreed 720p-a-share bid for Resolution, will provide by the end of the week “the vast majority” of the information requested by the Financial Services Authority (FSA). On February 22 a third delay in the takeover process had been announced after there were said to be discrepancies between the information provided by Resolution to Pearl and that which the FSA had received. At stake is the amount of cash that Pearl will be able to free up from Resolution after the takeover goes through. Resolution said that “Resolution and Pearl confirm their commitment to the acquisition and expect that the current period of uncertainty for Resolution investors and policyholders will be brought to an end quickly and positively”.