Coventry Building Society Result of Tender Offer (8426U)
02 Avril 2019 - 12:01PM
UK Regulatory
TIDMCVBP
RNS Number : 8426U
Coventry Building Society
02 April 2019
Coventry Building Society announces the results of its Tender
Offer in respect of its GBP400m Perpetual Contingent Convertible
Additional Tier 1 Capital Securities (ISIN: XS1079786239)
2 April 2019. On 25 March 2019, Coventry Building Society (the
Society) announced an invitation to eligible holders of its
outstanding GBP400,000,000 Perpetual Contingent Convertible
Additional Tier 1 Capital Securities (ISIN: XS1079786239) (the
Capital Securities) to tender any or all their Capital Securities
for purchase by the Society for cash, subject to satisfaction of
the New Financing Condition (the Offer).
The Offer was made on the terms and subject to the conditions
contained in a tender offer memorandum dated 25 March 2019 (the
Tender Offer Memorandum) prepared by the Society, and subject to
the offer restrictions set out in the Tender Offer Memorandum.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Tender Offer Memorandum.
The expiration deadline for the Offer was 4.00 p.m. (London
time) on 1 April 2019. The Society now announces the results of the
Offer.
Results of the Offer
GBP385,100,000 in aggregate principal amount of the Capital
Securities was validly tendered for purchase in the Offer. The
Society announces that, conditional upon the satisfaction or waiver
of the New Financing Condition, it accepts for purchase all such
Capital Securities validly tendered in the Offer.
The settlement date for the Offer (subject to the satisfaction
or waiver of the New Financing Condition) is expected to be 5 April
2019.
The New Financing Condition will be satisfied upon the
successful completion (in the sole determination of the Society) of
the issue of the New Capital Securities. The completion of the
issue of the New Capital Securities (and, accordingly, satisfaction
of the New Financing Condition) is currently expected to occur
today.
MARKET ABUSE REGULATION
This announcement is released by Coventry Building Society and
contains information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), encompassing information relating
to the Offer and proposed new issue of capital securities described
above. For the purposes of MAR and Article 2 of Commission
Implementing Regulation (EU) 2016/1055, this announcement is made
by Michele Faull, Chief Financial Officer of Coventry Building
Society.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. The Offer has now expired.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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