Re Joint Venture

RNS Number : 8766P

Evolution Group PLC

01 April 2009

 



The Evolution Group Plc

Evolution Group and First Eastern Financial Holdings Announce Completion of Joint Venture in China 

Evolution Group (the "Evolution Group", the "Group", the "Company"), the listed investment bank and private client investment management group, is pleased to announce that the Investment Agreement entered into with First Eastern Financial Holdings Limited ("First Eastern"), on 6 March 2009 completed on 31 March 2009.

Completion of the Investment Agreement was conditional on the approval of certain written resolutions of the existing shareholders of Evolution Securities China Limited (in respect of which a sufficient number of such shareholders have irrevocably undertaken to approve the same) and the receipt of certain regulatory clearances to the satisfaction of Evolution Group and First Eastern. These conditions have now all been satisfied.

Commenting on the new partnership, Alex Snow, Chief Executive of the Evolution Group said:

"I am delighted to have concluded our partnership agreement with First Eastern and Victor Chu. We now look forward to capitalising on the unique combination of proven expertise, in both the UK and the Far East, that this relationship has to offer and which is expected to yield significant opportunities between China and Europe."

Mr Victor L.L. Chu, Chairman of First Eastern commented: 

"I am also delighted that our partnership agreement with Evolution is now completed. There is a vast potential for our joint venture to add significant value to our clients, both in the Far East and in Europe, and we will work hard to realize this unique potential."

                -Ends-

For further information, please contact:

The Evolution Group Plc Alex Snow, Chief Executive Officer	[phone]
First Eastern Group Victor Chu, Chairman	[phone]
Bell Pottinger Corporate and Financial for Evolution Group Charles Cook Mike Davies	[phone]
Brunswick Group for First Eastern Hong Kong Tim Payne Joseph Lo London Giles Croot	[phone] [phone]  [phone]

Notes to Editors:

The Evolution Group Plc

The Evolution Group is the holding company of Evolution Securities Limited, Williams de Broë Limited and Evolution Securities China Limited. Founded in April 2001 and originally listed on AIM, the Evolution Group joined the Official List in 2003 and is now a constituent of the FTSE250 index with a market capitalisation of over £200 million.

First Eastern Financial Holdings Limited

First Eastern is a leading Hong Kong-based investment group pioneering in the field of direct investments in China. Founded by Victor Chu in 1988, First Eastern has offices in Hong Kong, Beijing, Shanghai and Dubai.

First Eastern and its associates have invested into some 100 projects in China covering infrastructure projects, light industries, real-estate development and financial services.

Victor Chu is the Chairman of First Eastern Investment Group. He is also Chairman of First Eastern Investment Bank Limited and FE Securities Limited. 

Over the last 20 years, Victor Chu has served at various times as Director and Council Member of the Hong Kong Stock Exchange, Member of the Hong Kong Takeovers and Mergers Panel, Advisory Committee Member of the Securities and Futures Commission, and part-time member of Hong Kong Government's Central Policy Unit. Mr. Chu is currently a Foundation Board Member of the World Economic Forum in Geneva and co-chairs the Forum's International Business Council. He is also an Executive Board Member of the Paris-based International Chamber of Commerce and chairs the ICC Commission on Financial Services and Insurance on a worldwide basis.

Evolution Securities Limited is a leading investment bank focused on mid-cap UK public companies. It provides a full range of investment banking services including equity research, institutional sales and trading, market making and corporate finance advice. Evolution Securities Limited has over 70 retained corporate clients. It is authorised and regulated by the Financial Services Authority.

Williams de Broë Limited is a leading private client investment manager, with offices in Bath, Birmingham, Bournemouth, Edinburgh, Exeter, Guildford and London. Williams de Broë is authorised and regulated by the Financial Services Authority.

Evolution Securities China Limited ("ESCL") is a specialist Chinese investment banking business with offices in London, Hong Kong and Shanghai. It offers UK based institutional clients access to research and trading facilities in listed Chinese stocks and provides Chinese companies access to the markets in London and Hong Kong. ESCL won the Queen's Award for Enterprise in the International Trade Category on 21 April 2008. ESCL is authorised and regulated by the Financial Services Authority.

 

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