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SOVEREIGN REVERSIONS APPOINTS FORMER MERRILL LYNCH CHAIRMAN TO HEAD UP ITS BOARD

Sovereign Reversions plc, the equity release group, is pleased to announce the appointment of Robert (Bob) Charles Michael Wigley, aged 48, as Non Executive Chairman of the Company.

Bob was Chairman of Merrill Lynch Europe, Middle East and Africa until January 2009,.  During his time at Merrill Lynch, he also sat on the boards of LCH.Clearnet plc, Euroclear plc and on the EU Advisory Panel of the London Corporation.  Between 2006 and 2009, Bob was a member of the Court of the Bank of England and of its Risk Policy and Audit Committees.  Bob is currently the non-executive chairman of Yell Group plc.

Bob is an investor in, and on the Advisory Board of, the venture capital firm Bluegem LLP and the financial services operating partner of Advent International plc.  Currently he is deputy chair of Business in the Community and is Chairman of the Education and Employers Taskforce.  Bob is also Chairman of the Oxford University Centre for Corporate Reputation. He is Master of the Worshipful Company of International Bankers. Bob is a graduate of Bath University with a business degree and an honorary doctorate.

Graeme Marshall, Chief Executive of Sovereign Reversions plc said: "Bob has an outstanding reputation in the City and will provide invaluable strategic counsel as we seek to build the business more rapidly from the solid foundations we have now constructed.

Our industry has shrunk in the teeth of the recession and many competitors have left the market. Sovereign's position is now significantly stronger and we are extremely well placed for the acceleration in growth equity release must experience if our ageing population is to enjoy a decent and comfortable retirement.  

On behalf of shareholders and management I would like to thank Paul Spencer, our departing chairman, for his significant contribution to the development of our business over the last five years, guiding us from our former position as a niche investment company to an integrated equity release specialist."

Bob Wigley added: "I am impressed with the market position Sovereign Reversions has established and look forward to supporting the Company as it takes advantage of the opportunities and moves to greater scale in what I think is going to be a very attractive market environment".

AIM Rules Disclosure 

 

Save for the disclosures below, there is no other information that is required to be disclosed under Schedule 2 paragraph (g) of the AIM Rules. 

Current director and partnerships:

Business in the Community (director)

Chester Street Investments LLP (partner)

National Education & Employer Partnership Taskforce (director)

Portman House Limited (director)

Yell Group plc (director)

Previous directorships in last 5 years:

 

Bank of England

Bonanza Flying Club Limited

Euroclear plc

LCH.Clearnet Limited

Merrill Lynch International Bank Limited

Royal Mail Holdings plc

The Movement for Non-Mobile Children (Whizz-Kidz)

16 December 2009

For further information please contact:

Mark Baker, Wriglesworth Consultancy	Tel: 07980 635243
Graeme Marshall, Chief Executive, Sovereign Reversions plc	Tel: 01234 356300
Philip Davies, Charles Stanley Securities, Nominated Adviser	Tel: 020 7149 6000

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