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Leeds Building Society gives tender results for interest bearing shares
Chicago, April 2 – Leeds Building Society announced the tender offer and consent solicitation results for the company’s £24,997,000 outstanding of the £25 million 13.375% permanent interest bearing shares (ISIN: GB0005104913) in a notice.
As of the 8 a.m. ET deadline on March 27, holders tendered £14,644,500 principal amount.
All tendered shares are being accepted in full.
Holders were being offered a cash amount of £1,900 per £1,000 share and also £25.35 as an accrued interest payment and a voting fee of £20.00.
Payment will be made on April 9.
In the related consent bid, the meeting on April 2 relating to the resolution was quorate.
The resolution was approved with 88.65% of the votes from the meeting in favor.
Holders were being asked by way of resolution to allow the society to redeem all of the shares not purchased in the tender offer for the same price.
The announcement noted that the shares no longer server their purpose for the society, namely qualifying as tier 1 capital as capital rules have changed.
Accordingly, all of the PIBS are being redeemed on April 9. Holders who did not participate in the tender offer will receive £1,925.35 per £1,000 principal amount, so the shares plus interest but not the voting fee unless the holder submitted a voting instruction. If the holder voted, they will also receive the £20.00 voting fee.
Retail investors with questions were encouraged to contact the receiving agent, Link Market Services Ltd. (0371 664 0321, +44 371 664 0321).
Advisers for retail investors could contact the retail information agent, D.F. King Ltd. (+44 20 7920 9700, LBS@dfkingltd.co.uk).
Institutional investors had as a point of contact the dealer manager, Nomura International plc (+44 20 7103 2410, +44 20 7103 2454, liability.management@nomura.com).
The company offers mortgage and investment products and is based in Leeds, England.
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