Appointment of Chairman

RNS Number : 3121X

New FCPT Limited

12 August 2009

 

RIS ANNOUNCEMENT

NEW FCPT LIMITED

12 August 2009 

Appointment of Chairman

The Board notes the recent announcement made by the boards of Resolution Limited and Friends Provident Group plc in relation to the recommended acquisition of Friends Provident Group plc by Resolution Holdings (UK) Limited, a subsidiary undertaking of Resolution Limited (the 'Acquisition').  As noted in the interim report for the period ended 30 June 2009, Peter Niven, the Chairman of the Board, is also a non-executive director of Resolution Limited and accordingly would no longer be independent under the Combined Code in the event that the Acquisition becomes effective.

The Board announces that, in the event that the Acquisition becomes effective, Peter Niven has confirmed to the Board that he will step down as Chairman and become a non-independent director of the Company. During the period relating to the Acquisition becoming effective Peter Niven will recuse himself from any decisions of the Board which affect the interests of the Company's majority shareholder any differently from the interests of its shareholders as a whole.  The Board has commenced a process to select a new chairman and will also consider the appointment of additional directors to strengthen further the Board.

All Enquiries

The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 

01481 745 001

 

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