Business
Publication of Prospectus and Scheme Document
Publication of Prospectus and Scheme Document.
About this update from Osb Group Plc
[{"type":"text","content":"\n \n \n Publication of Prospectus and Scheme Document\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY RESTRICTED JURISDICTIONS OR JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. \n \n \n THE 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 OSB SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT AND THE PROSPECTUS WHICH ARE BEING PUBLISHED TODAY. \n \n \n CAPITALISED TERMS DEFINED IN THE SCHEME DOCUMENT HAVE THE SAME MEANING WHEN USED IN THIS ANNOUNCEMENT, UNLESS OTHERWISE DEFINED IN THIS ANNOUNCEMENT. \n \n \n FOR IMMEDIATE RELEASE\n \n 9 October 2020\n \n Proposed introduction of OSB GROUP PLC (“New OSB”) as a new holding company of the OSB Group by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006 and New OSB’s 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 Publication of Prospectus and Scheme Document\n \n Today, OneSavings Bank plc (“OSB”) published a Scheme Document relating to OSB’s proposed introduction of New OSB as a new holding company above the OSB Group by means of a scheme of arrangement under Part 26 of the Companies Act 2006. \n The Scheme is between OSB and the OSB Shareholders and involves the cancellation of shares in OSB currently held by OSB Shareholders (“Old OSB Shares”) in exchange for the same number of shares in New OSB (“New OSB Shares”). The rights attaching to the New OSB Shares will be substantively the same as those attaching to the Old OSB Shares at the Scheme Effective Date.\n The Scheme is being undertaken as a reorganisation to facilitate the issuance of MREL-qualifying debt instruments and compliance with the OSB Group’s MREL requirements. The new holding company will also help ensure compliance with the OSB Group’s ‘single point of entry’ resolution strategy.\n The Scheme Document is now available at www.osb.co.uk/investors and includes full details of the Scheme, together with an explanatory statement and the notices convening the OSB Court Meeting and the OSB General Meeting. The Scheme Document also contains the expect...