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Prospect News home > News index > List of issuers L > Headlines for Leeds Building Society > News item
Published on 2/27/2024 in the Prospect News Liability Management Daily.

Leeds Building Society offers to buy interest bearing shares

Chicago, Feb. 27 – Leeds Building Society started a tender offer and consent solicitation for the £24,997,000 outstanding of the £25 million 13.375% permanent interest bearing shares (ISIN: GB0005104913) on Tuesday, according to a document.

Holders are being offered a cash amount of £1,900 per £1,000 share and a separate amount in lieu of accrued interest to the settlement date.

Holders are also 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.

If the solicitation is successful, holders who vote in favor of the variation will also receive £20 per £1,000 share as a voting fee.

The tender deadline and voting deadline are 8 a.m. ET on March 27.

A meeting for the resolution is scheduled for 8 a.m. ET on April 2.

Settlement will be April 9 if the meeting does not need to be adjourned.

In case of meeting adjournment, the meeting will be at 8 a.m. ET on April 17. Settlement would be April 24.

Retail investors may contact the receiving agent, Link Market Services Ltd. (0371 664 0321, +44 371 664 0321).

Advisers for retail investors may contact the retail information agent, D.F. King Ltd. (+44 20 7920 9700, LBS@dfkingltd.co.uk).

Institutional investors should 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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