20 Nov 2012 11:57
ARBUTHNOT BANKING GROUP PLC ("Arbuthnot" or the "Company")
SECURE TRUST BANK ANNOUNCES COMPLETION OF PLACING
Arbuthnot 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").
1,481,482 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).
Arbuthnot 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.
The 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.
Dealings in the Placing Shares are expected to commence on AIM at 8.00 a.m. on 7 December 2012.
Enquiries:
Arbuthnot Banking Group PLC Tel: 020 7012 2400
Henry Angest, Chairman and Chief Executive Andrew Salmon, Chief Operating Officer James Cobb, Group Finance Director David Marshall, Communications Director
| |
Canaccord Genuity Hawkpoint Limited (Nominated Adviser) Lawrence Guthrie Sunil Duggal
| Tel: 020 7665 4500 |
Numis Securities Limited (Broker) Christopher Wilkinson Mark Lander
| Tel: 020 7260 1000 |
Pelham Bell Pottinger Ben Woodford Dan de Belder | Tel: 020 7861 3232 |
Canaccord Genuity Hawkpoint Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is Arbuthnot Banking Group PLC's nominated adviser. The responsibilities of Canaccord Genuity Hawkpoint Limited, as nominated adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange and are not owed to the Arbuthnot Banking Group PLC or any Director of Arbuthnot Banking Group PLC or to any other person. Canaccord Genuity Hawkpoint Limited is acting exclusively for Arbuthnot Banking Group PLC and for no one else in relation to this announcement and its contents (other than Secure Trust Bank PLC) and will not be responsible to any person other than Arbuthnot Banking Group PLC and Secure Trust Bank PLC for providing the protections afforded to its clients or for providing advice in relation to this announcement and its contents.
Arbuthnot (ARBB)