Friends (LSE:FLG)
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RNS Number : 7476X

Friends Life Group Limited

21 November 2014

FOR IMMEDIATE RELEASE

21 November 2014

Friends Life Group Limited

("Friends Life" or the "Company")

Suspension of buyback programme

Following this evening's announcement that the Boards of Aviva and Friends Life have reached agreement on the key financial terms of a possible all share combination of Aviva and Friends Life, the Board of Friends Life has decided to suspend the previously announced buyback programme as of 21 November 2014 until agreement on the other terms and conditions of any offer and the completion of mutual due diligence. Accordingly the buyback instructions that were issued to its corporate brokers, Barclays Bank PLC and RBC Europe Limited, on 6 August 2014 have been terminated.

The buyback programme commenced on 31 October 2014 and to date 9,057,000 ordinary shares have been purchased for an aggregate consideration of GBP29,850,077. As at today's date, 6,132,000 shares have been cancelled and the remaining 2,925,000 shares will be cancelled in due course. Confirmation of the revised total voting rights will be announced when the cancellation is effected.

Should a combination with Aviva not be forthcoming, Friends Life would look to reinstate the buyback programme at the earliest available opportunity.

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Enquiries

 
Investors / analysts 
 Yana O'Sullivan, Director of 
 Investor Relations                  +44 (0)845 268 3116 
 Tom Cannings, Investor Relations     +44 (0)845 268 5139 
Media - Bell Pottinger 
 Ben Woodford                        +44 (0) 20 7861 3232 
 Olly Scott                           +44 (0) 78 1234 5205 
 

The securities to be issued in the potential all share combination (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any regulating authority or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable state law. The Securities are expected to be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 3(a)(10) thereunder.

This information is provided by RNS

The company news service from the London Stock Exchange

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