Business
Issue of CCDS
Issue of CCDS.
About this update from Nationwide Building Society
[{"type":"text","content":"\n \nRNS Number : 1409Q Nationwide Building Society 07 September 2017 \n\n \nNationwide Building Society\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n7 September 2017\nNATIONWIDE BUILDING SOCIETY ANNOUNCES THE SUCCESSFUL PLACING OF ITS FURTHER CORE CAPITAL DEFERRED SHARES\nNationwide Building Society (\"Nationwide\" or the \"Society\") announced on 6 September 2017 a further offer (the \"Offer\") of its Core Capital Deferred Shares (\"CCDS\"), to be consolidated and form a single series upon issue with its 5,500,000 CCDS issued on 6 December 2013. \nThe Society hereby announces that the placing of the further CCDS has successfully concluded, with settlement of the Offer expected on or around 14 September 2017 (the \"Issue Date\").\nAs a result of the Offer the Society expects to issue 5,000,000 further CCDS on the Issue Date at an issue price of £159.00 per CCDS (the \"Issue Price\"). The Issue Price is exclusive of any amount attributable to potential future distributions and, in line with market convention for secondary market trading, the final price payable by investors will also include an amount attributable to potential future distributions, being £2.408 (rounded to three decimal places) per CCDS. Accordingly, the purchase price of further CCDS acquired pursuant to the Offer shall be £161.408 (rounded to three decimal places) per CCDS (the \"Purchase Price\"). However, investors should note that the CCDS are CET1 instruments and the Society has full discretion whether or not to declare distributions (in contrast to interest on a debt instrument, there is no actual accrual of distributions on CCDS). Whilst, under its distribution policy, the Board is currently targeting an interim distribution of £5.125 per CCDS for payment in December 2017, the foregoing is not, and should not be construed as, a commitment to do so, and the Board shall be entitled, in its sole and absolute discretion, not to declare any such distribution.\nThe CCDS to be issued on the Issue Date will, upon issue, be consolidated and form a single series with the Society's 5,500,000 existing CCDS. Accordingly, following ...