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25 November 2013
The Co-operative Bank p.l.c. announces further details of the payment in kind of 9.25% Preference Shares dividend As announced on 4 November 2013, The Co-operative Bank p.l.c. (the "Bank") intends to allot on 29 November 2013 additional 9.25% Non-Cumulative Irredeemable Preference Shares (ISIN: GB0002224516) (the "Preference Shares") to each holder of Preference Shares instead of cash payment of the dividend scheduled to be paid on 30 November 2013.
Today the Bank is in a position to announce further details of that allotment.
The Bank expects to allot a total of 3,700,000 Preference Shares on 29 November 2013 and further expects that these shares will be issued and admitted to the UKLA’s Official List and admitted to trading on the main market of the London Stock Exchange on 2 December 2013.
The allotment of additional Preference Shares instead of cash will satisfy the Bank's obligations in respect of such dividend instalment and holders of Preference Shares will not be entitled to any cash amount in respect of that dividend instalment.
However, if the Bank’s liability management exercise announced on 4 November 2013 (the "Liability Management Exercise") successfully completes, the additional Preference Shares will be transferred to Co-operative Group Limited upon completion of the Liability Management Exercise and the holders will receive an amount in cash equal to the cash dividend which the Bank would have paid on 29 November 2013 had it been able to do so under the terms of the Preference Shares.