Business
Secure Trust Bank Announces Completion of Placing
Secure Trust Bank Announces Completion of Placing.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 5622R Arbuthnot Banking Group PLC 20 November 2012 \n \n\nARBUTHNOT BANKING GROUP PLC (\"Arbuthnot\" or the \"Company\")\n \nSECURE TRUST BANK ANNOUNCES COMPLETION OF PLACING\n \nArbuthnot Banking Group PLC's 75.5 per cent. owned subsidiary, Secure Trust Bank PLC (\"Secure Trust Bank\") has today announced the completion of the placing announced earlier today (the \"Placing\"). \n \n1,481,482 new Secure Trust Bank ordinary shares of 40 pence each (the \"Placing Shares\") have been placed by Canaccord Genuity Limited at a price of 1350p per Placing Share, raising proceeds of approximately £20.0 million (before estimated expenses). \n \nArbuthnot will subscribe for 370,371 Placing Shares in the Placing with its subscription proceeds offset against the principal amount of the subordinated debt balance payable to Arbuthnot by Secure Trust Bank, which amounts to £5.0 million. Following the Placing, Arbuthnot's aggregate shareholding in Secure Trust Bank will reduce from 75.5 per cent. of the existing issued ordinary share capital to approximately 70.7 per cent. of the enlarged issued ordinary share capital.\n \nThe Placing is conditional, amongst other things, on Secure Trust Bank shareholders approving the appropriate resolutions at a General Meeting to be held on 6 December 2012 at 11 a.m. Arbuthnot intends to vote its 75.5 per cent. holding in favour of the resolutions at the General Meeting of Secure Trust Bank. \n \nDealings in the Placing Shares are expected to commence on AIM at 8.00 a.m. on 7 December 2012. \n \nEnquiries: \n \nArbuthnot Banking Group PLC Tel: 020 7012 2400\n\n\n\n\nHenry Angest, Chairman and Chief Executive\nAndrew Salmon, Chief Operating Officer\nJames Cobb, Group Finance Director\nDavid Marshall, Communications Director\n \n\n\n\n\n\n\n\nCanaccord Genuity Hawkpoint Limited (Nominated Adviser)\nLawrence Guthrie\nSunil Duggal\n \n\n...