Business
Proposed sale of ordinary shares in Secure Trust
Proposed sale of ordinary shares in Secure Trust.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 9568V Arbuthnot Banking Group PLC 11 April 2019 \n\nNOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES.\n \nARBUTHNOT BANKING GROUP PLC \nProposed secondary placing of ordinary shares in Secure Trust Bank PLC (\"Secure Trust\")\nArbuthnot Banking Group PLC (\"Arbuthnot\" or \"the Group\") has indicated that it intends to sell up to 1,050,000 ordinary shares of 40 pence each (\"Sale Shares\"), held by its subsidiary Arbuthnot Latham & Co., Limited in the capital of Secure Trust (the \"Sale\"). \nThe purpose of the sale is both to support future growth of the Arbuthnot Latham lending businesses and to reduce the significant additional regulatory capital that a holding of this size in another bank requires. The Sale will improve the Group's regulatory capital position. In the event that the total number of Sale Shares are sold, there will be a reduction of approximately £0.8m in dividend income for the Group (based on the full year dividend paid by Secure Trust in the year ended 31 December 2018). \nArbuthnot has agreed that, following completion of the Sale, it will not, subject to customary exceptions, dispose of ordinary shares in Secure Trust for a period of 180 days.\nThe Sale will be managed by Shore Capital Stockbrokers Limited acting as sole bookrunner (the \"Bookrunner\") in relation to the Sale. The Company and the Bookrunner reserve the right to increase or decrease the size of the Sale in their absolute discretion.\nThe book for the Sale will open with immediate effect following this announcement. Final pricing and allocations are expected to be announced as soon as practicable following the closing of the book, which will be at the absolute discretion of the Bookrunner. The Sale is not being underwritten. \nFor further information contact:\n\n\n\nENQUIRIES:\n\n\n\n\n\n\n\n\n\n...