(LGEN.L) Legal & General Group PLC Buy/Sell

RNS Number : 1541C Resolution Limited 06 November 2009

Financial Services Authority

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Resolution Limited
2. Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached.

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights (Shares received from the result of the acquisition of Friends Provident)
Yes

Other (please specify):

3. Full name of person(s) subject to the

notification obligation:
Legal & General Group Plc (L&G)
4. Full name of shareholder(s)

(if different from 3.):
Legal & General Assurance (Pensions Management) Limited (PMC)

5. Date of the transaction and date on which the threshold is crossed or reached:

5 November 2009
6. Date on which issuer notified:
6 November 2009
7. Threshold(s) that is/are crossed or

reached:

From 3% - 4% (L&G)

8. Notified details:

A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number of voting % of voting rights
of of Number rights
Shares Voting of shares
Rights
Direct Indirect Direct Indirect
ORD 21,682,636 21,682,636 108,132,277 108,132,277 4.48
(Pre- (Pre-acquisition)
acquisition

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Number of voting
Type of financial Expiration Exercise/ rights that may be % of voting
instrument date Conversion Period acquired if the rights
instrument is
exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise price Expiration date Exercise/ Number of voting rights instrument refers to % of voting rights
instrument Conversion period
Nominal Delta

Total (A+B+C)
Number of voting rights Percentage of voting rights
108,132,277 4.48

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) (130,194,710 -5.39% = Total Position) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) (130,194,710 -5.39% = Total Position) Legal & General Investment Management Limited (Indirect) (LGIM) (130,194,710 -5.39% = Total Position) Legal & General Group Plc (Direct) (L&G) (108,132,277 -4.48 % = LGAS, LGPL
& PMC)
Legal & General Investment Legal & General Insurance Holdings Limited

Management (Holdings) Limited (Direct) (LGIH) (Direct) (LGIMHD) (79,194,337 -3.30 % = PMC)
Legal & General Assurance Legal & General Assurance Society Limited
(Pensions Management) Limited (LGAS & LGPL)

(PMC) (79,194,337 -3.30 % =

Legal & General Pensions Limited (Direct)

Proxy Voting:
10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease

to hold:

12. Date on which proxy holder will cease to hold

voting rights:

13. Additional information:
Notification using the total voting rights figure of 2,412,451,145
14. Contact name:
Helen Lewis (LGIM)
15. Contact telephone number:

This information is provided by RNS The company news service from the London Stock Exchange

HOLQQLFBKFBEFBV

By Myles Neligan and Victoria Howley

LONDON, Nov 6 (Reuters) - British insurance-focused acquisition vehicle Resolution, back on the takeover trail after completing its first deal this week, is likely to find its next target outside the publicly quoted sector.
Resolution, which aims to buy and merge at least three insurers before floating the enlarged company on the stock market in 2012, needs to pull off its next deal soon.
But the company, led by entrepreneur Clive Cowdery, will probably find it easier to do so away from the public market, where the faintest whisper of bid interest can propel the share price of potential targets beyond reach.
"Tt's clear that Resolution needs to do deals, and I would expect it would need to do something quickly," said a senior insurance industry executive who asked not to be named.
"But it must be difficult for Clive to pull this off twice, because people will see him coming this time."
Resolution, created last year to buy life insurers and asset managers, completed its 1.86 billion pound ($3.1 billion) all-share takeover of Friends Provident on Thursday.
When the deal was announced in August, Cowdery said the next takeover target would likely be a life insurer rather than asset manager and could be the local subsidiary of a foreign company, a bank or a large British insurer that did not wish to continue to focus on the British market.
Legal & General, seen as a potential second target, may have become prohibitively expensive after bid speculation pushed its share price up 25 percent in a single week last month, analysts said.
While L&G shares have since given back some of that gain, they may still offer too narrow a discount to embedded value -- a key measure of insurance companies' worth -- for Resolution to achieve its targeted investment return.
"I feel it's pretty expensive at this sort of level, perhaps driven there by people expecting some sort of deal," ING analyst Kevin Ryan said, adding: "I think Clive wants a significant discount to EV".
Buying an unlisted insurer may also appeal because the negotiation process would be more straightforward, with reduced scope for public spats of the kind that disrupted talks between Resolution and Friends this summer.
"Buying a non-listed part of someone else is simpler, and you are dealing with one entity, not a whole raft of shareholders," said a banker who covers the insurance sector.

Friends secured concessions on Resolution's corporate governance and executive pay arrangements after publicly criticising them during pre-merger talks between the two sides in August. More than half of Resolution's own 25-strong list of potential takeover targets, unveiled during a presentation to analysts and investors three months ago, are privately-owned, or are the unlisted susbidiaries of publicly-quoted parent companies. They include Scottish Widows and Clerical & Medical, the life insurance operations of part-nationalised lender Lloyds Banking Group, as well as the British subsidiaries of European insurers Aegon, Axa and Zurich Financial Services.
"Cowdery will go after the UK assets of an overseas company, and that is because the valuations of all the listed (British) companies have bounced back," said a second banker.
The FTSE index of British life insurance stocks, helped by a financial market rebound, has more than doubled since worries over the sector's capital strength pushed it to a multi-year low in March.

(Editing by Dan Lalor)

($1=.6053 Pound) Keywords: RESOLUTION/ (myles.neligan@reuters.com; +44 207 542 13 73)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

RNS Number : 1297C Rexam PLC 06 November 2009

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing
shares to which voting rights are attached: Rexam PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):

3. Full name of person(s)
subject to the notification Legal & General Group
obligation: Plc (L&G)

4. Full name of shareholder(s)
(if different from 3.): Legal & General
Assurance (Pensions
Management) Limited

5. Date of the transaction and date on which the threshold is 2 November 2009 crossed or reached:

6. Date on which issuer
notified: 4 November 2009

7. Threshold(s) that is/are
crossed or reached: From 4% - 3% (L&G)

8. Notified details: A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Indirect Direct Indirect
ORD 26,509,144 34,660,260 34,660,260
26,509,144 3.95

GBP 0.64285714

B: Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C)

Number of voting rights Percentage of voting rights
34,660,260 3.95

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) Legal & General Investment Management Limited (Indirect) (LGIM) Legal & General Group Plc (Direct) (L&G) (34,660,260 -3.95 % = LGAS, LGPL
& PMC)
Legal & General Investment Legal & General Insurance Holdings Limited

Management (Holdings) Limited (Direct) (LGIH) (Direct) (LGIMHD) (31,583,931 -3.60 % = PMC)
Legal & General Assurance Legal & General Assurance Society Limited
(Pensions Management) Limited (LGAS & LGPL)

(PMC) (31,583,931 -3.60 % =

Legal & General Pensions Limited (Direct)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
Notification using the total voting rights
figure of 876,828,533

14. Contact name:
Helen Lewis (LGIM)

15. Contact telephone number:

This information is provided by RNS The company news service from the London Stock Exchange

HOLBFBJTMMMMBTL

RNS Number : 1038C Lavendon Group PLC 06 November 2009

Lavendon Group plc

6 November 2009

Lavendon Group plc ("the Company")

Holding in Company

The Company was notified on 4 November by The Legal & General Group Plc ("L&G") that funds managed by L&G are interested in 2,110,686 of the Company's ordinary shares of 1p each ("Ordinary Shares") which represents 4.45 per cent of the Company's issued ordinary share capital.

6 November 2009

End

This information is provided by RNS The company news service from the London Stock Exchange

HOLEANFKEEFNFEE