Capital/Financing Update • Dec 13, 2013
Capital/Financing Update
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National Storage Mechanism | Additional information
RNS Number : 5539V
Arbuthnot Banking Group PLC
13 December 2013
FOR IMMEDIATE RELEASE
13 December 2013
Arbuthnot Banking Group PLC
Sale of 580,000 of Secure Trust Bank PLC shares
Arbuthnot Banking Group PLC ("Arbuthnot" or the "Group") today announces that it has sold 580,000 ordinary shares in Secure Trust Bank ("STB") to institutional investors, hence increasing the free float of its subsidiary and reducing its holding in STB from 70.7% to 67%. The Group will receive cash consideration of approximately £14.4 million net of costs from the placing of the shares to investors.
This transaction is not expected to be accounted for as part of the profit before tax for the consolidated group accounts, but will directly increase the reserves and accordingly the regulatory capital resources of the Group. This will allow the Group to continue to invest in future growth opportunities that exist for both of its banks.
The Group has also agreed not to sell further shares in STB until 13 June 2014 unless it has received prior approval from Cannacord Genuity Limited.
Enquiries:
Arbuthnot Banking Group 0207 012 2400
Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications
Canaccord Genuity Limited (Nominated Advisor) 0207 665 4500
Lawrence Guthrie
Sunil Duggal
Numis Securities Ltd (Broker) 0207 260 1000
Chris Wilkinson
Mark Lander
Pelham Bell Pottinger (Financial PR) 0207 861 3917
Ben Woodford
Dan de Belder
This information is provided by RNS
The company news service from the London Stock Exchange
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