Business
Publication of Prospectus and Scheme Document
Publication of Prospectus and Scheme Document.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \n\n\nMetro Bank plc (MTRO)\n\n\n\nMetro Bank plc: Publication of Prospectus and Scheme Document22-March-2023 / 12:23 GMT/BST\n\n\n Metro Bank PLC (LSE: MTRO LN)\n\n22 March 2023\n\n \n\n \n\n \n\n \n\nMetro Bank PLC (“Metro Bank”)\n\n \n\n \n\n \n\nLegal Entity Identifier: 213800X5WU57YL9GPK89\n\n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.\n\n \n\nTHE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR A PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE NEW MB SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT AND THE PROSPECTUS WHICH ARE BEING PUBLISHED TODAY.\n\n \n\nCAPITALISED TERMS DEFINED IN THE SCEHME DOCUMENT AND PROSPECTUS HAVE THE SAME MEANING WHEN USED IN THIS ANNOUNCEMENT, UNLESS OTHERWISE DEFINED IN THIS ANNOUNCEMENT.\n\n \n\nProposed introduction of Metro Bank Holdings PLC as a new holding company of the Metro Bank Group by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006 and admission to the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange.\n\n \n\nPublication of Prospectus and Scheme Document\n\n \n\nToday, Metro Bank published a Scheme Document relating to Metro Bank’s proposed introduction of Metro Bank Holdings PLC as a new non-operating holding company above the Metro Bank Group by means of a scheme of arrangement under Part 26 of the Companies Act 2006.\n\n \n\nThe Scheme is being undertaken as a reorganisation to comply with the Bank of England’s requirements for a ‘clean holding company’ in order to facilitate the Metro Bank Group’s “single point of entry” resolution strategy and to ensure structural subordination of MREL.\n\nThe Scheme is between Metro Bank and the Metro Bank Shareholders and involves the cancellation of shares in Metro Bank currently held by Metro Bank Shareholders ( the “Old MB Shares”) in exchange for the same number of shares in Metro Bank Holdings PLC (the “New MB Shares”). The rights attaching to the Old MB Shares will be substantively th...