Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMan.bs.8pibs Regulatory News (MBSR)

Share Price Information for Man.bs.8pibs (MBSR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 23.875
Bid: 21.75
Ask: 26.00
Change: 0.00 (0.00%)
Spread: 4.25 (19.54%)
Open: 23.875
High: 23.875
Low: 21.75
Yest. Close: 23.875
MBSR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Manchester Bld Soc - Permanent Interest Bearing Share coupon payments

Thu, 28th Mar 2019 07:00

RNS Number : 2218U
Manchester Building Society
28 March 2019
 

 

Manchester Building Society Permanent Interest Bearing Share ("PIBS") coupon payments

Manchester Building Society ('the Society') confirms that, in line with expectations set out in the annual results announcement on 18 March 2019, the Society will not be paying the April 2019 coupon on the two tranches of PIBS in issue.

As set out in the 2018 annual report and accounts, as at 31 December 2018, the Society met its Pillar 1 plus Pillar 2A requirement in total capital terms, but did not meet the qualitative standards for the level of Common Equity Tier 1 ("CET 1") regulatory capital. In order to conserve capital a distribution to PIBS holders is prohibited under the Capital Requirements Directive IV ("CRD IV") article 141. The Board continues to discuss and consult with the Prudential Regulation Authority ("PRA") with regard to the capital position.

There is uncertainty over the Society's ability to make PIBS coupon payments due after April 2019. Any further non-payment will be announced to the market.

PIBS coupons are not cumulative so any interest payments on the PIBS which are not paid are permanently cancelled and will not become due at a future date.

PIBS are not protected deposits covered by the Financial Services Compensation Scheme ("FSCS") (1)

Enquiries:

Andy Donald - Maitland

020 7379 5151

adonald@maitland.co.uk

Note (1) PIBS are not protected deposits covered by the Financial Services Compensation Scheme (the "FSCS"). There is no expectation of repayment of the PIBS unlike normal deposits with the Society. PIBS are subordinated to all other liabilities of the Society, other than liabilities in respect of Profit Participating Deferred Shares ("PPDS"). In a liquidation of the Society the PIBS rank behind all other creditors of the Society (other than PPDS). In order to realise the investment in PIBS, an investor must either sell the PIBS in the market or make a private sale.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCBUGDXUBDBGCR
Date   Source Headline
27th Mar 20203:55 pmRNSPIBS coupon payments
5th Mar 20207:00 amRNSResults for the year ended 31 December 2019
27th Sep 20191:46 pmRNSPIBS coupon payments
29th Aug 20197:00 amRNSManchester Bld Soc - 2019 Half Year Results
4th Jul 20197:00 amRNSManchester Bld Soc - Permission granted to appeal to the Supreme Court

Login to your account

Don't have an account? Click here to register.