Business
Sale of 580,000 of Secure Trust Bank PLC shares
Sale of 580,000 of Secure Trust Bank PLC shares.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 5539V Arbuthnot Banking Group PLC 13 December 2013 \n \n\nFOR IMMEDIATE RELEASE\n13 December 2013\nArbuthnot Banking Group PLC \nSale of 580,000 of Secure Trust Bank PLC shares\nArbuthnot Banking Group PLC (\"Arbuthnot\" or the \"Group\") today announces that it has sold 580,000 ordinary shares in Secure Trust Bank (\"STB\") to institutional investors, hence increasing the free float of its subsidiary and reducing its holding in STB from 70.7% to 67%. The Group will receive cash consideration of approximately £14.4 million net of costs from the placing of the shares to investors.\nThis transaction is not expected to be accounted for as part of the profit before tax for the consolidated group accounts, but will directly increase the reserves and accordingly the regulatory capital resources of the Group. This will allow the Group to continue to invest in future growth opportunities that exist for both of its banks.\nThe Group has also agreed not to sell further shares in STB until 13 June 2014 unless it has received prior approval from Cannacord Genuity Limited.\nEnquiries:\nArbuthnot Banking Group 0207 012 2400\nHenry Angest, Chairman and Chief Executive\nAndrew Salmon, Group Chief Operating Officer\nJames Cobb, Group Finance Director\nDavid Marshall, Director of Communications\nCanaccord Genuity Limited (Nominated Advisor) 0207 665 4500\nLawrence Guthrie\nSunil Duggal\nNumis Securities Ltd (Broker) 0207 260 1000\nChris Wilkinson\nMark Lander\nPelham Bell Pottinger (Financial PR)  ...