Evolution Group PLC
12 November 2004
Evolution Group plc
FSA Decision Notice
For immediate release 12 November 2004
Evolution Group plc response to FSA statement
Evolution notes the announcement made earlier today by the Financial Services
Authority (FSA) regarding its investigation into the short selling of shares in
Room Service Group plc (now Azure Holdings plc).
Evolution has reluctantly decided to accept the FSA's decision to impose a fine
of £500,000 on Evolution as it believes that it is in the interests of all
parties that the matter now be brought to a conclusion.
Evolution feels that it is unfortunate that it has taken an incident such as
this to help produce a clearer understanding of the definition of market abuse.
In light of the FSA's newly-clarified concerns about short selling, Evolution
has voluntarily imposed tighter trading controls which make it impossible for
such an incident to recur. The firm is pleased that the FSA has acknowledged
that Evolution took the appropriate actions to ensure that Room Service
shareholders' interests were fully safeguarded.
-END-
Press enquiries, please call
Grandfield
Charles Cook / Samantha Robbins 0207 417 4170
Evolution
Graeme Dell 0207 071 4300
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