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WestBromwich BldgSoc (WBS)

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Friday 19 January, 2018

WestBromwich BldgSoc

Profit Participating Deferred Shares

RNS Number : 4369C
West Bromwich Building Society
19 January 2018
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR ITS TERRITORIES, AUSTRALIA, SOUTH AFRICA, JAPAN OR CANADA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION

Regulatory News Announcement

For Immediate Release
19 January 2018

West Bromwich Building Society

variations to the conditions of the profit participating deferred shares

On 13 December 2017, West Bromwich Building Society (the "Society") announced plans for a liability management exercise (the "LME") in relation to its 3,650 Profit Participating Deferred Shares (the "PPDS") and its £75 million 6.15 per cent. Permanent Interest Bearing Shares (the "PIBS").

The Society announced that, as part of the LME, it expected to propose resolutions to the holders of the PPDS to vary the Special Conditions of Issue of the PPDS (the "PPDS Conditions") in certain respects (the "Variations"). The Society announced that it expected to make certain of these Variations in the near-term, in particular those Variations which address the investor challenge as to qualification of the PPDS as common equity tier 1 capital. 

On 10 January 2018, the Society wrote to the holders of the PPDS, inviting them to approve written resolutions authorising the Society to make certain Variations. On 18 January 2018, these written resolutions were passed with the consent in writing of the holders of more than three-quarters of the PPDS. The Society has, therefore, varied the PPDS Conditions with effect from today, and the revised PPDS Conditions are available for viewing on the Society's website.

The Society is making good progress in its preparations for the LME, and will continue to work towards launching the LME as soon as reasonably practicable, targeting the first half of 2018.

Enquiries

Andy Donald

Maitland

+44 (0) 20 7379 5151

[email protected]

DISCLAIMER

Neither this announcement, the publication in which it is contained nor any copy of it may be made or transmitted into the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the "United States") nor taken, transmitted or distributed, directly or indirectly, into Australia, South Africa, Japan or Canada or any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of securities law in those jurisdictions.  The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

None of the securities referred to herein have been, or will be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), and they may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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