Principality Building Society Statement re PIBS (7028K)
April 24 2020 - 2:30AM
UK Regulatory
TIDM10AI
RNS Number : 7028K
Principality Building Society
24 April 2020
THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
If you are in any doubt about any aspect of this Notice and/or the
action you should take, you are recommended to seek your own legal
and/or financial advice, including in respect of tax consequences,
immediately from your stock broker, bank manager, solicitor,
accountant or other professional adviser authorised under the
Financial Services and Markets Act 2000 (if you are in the United
Kingdom) or another appropriately authorised independent
professional adviser.
NOTICE OF REPAYMENT OF GBP60,000,000 7 PER CENT PERMANENT
INTEREST BEARING SHARES ("PIBS")
We refer to the PIBS issued by Principality Building Society
(the "Society", "we", "us") subject to and with the benefit of the
special conditions of issue set out in the offering circular dated
28 May 2004 (the "Offering Circular").
Defined terms used in this notice shall have the meaning given
to them in the Offering Circular.
Notice is hereby given that pursuant to Condition 6(2) of the
Offering Circular, having obtained Relevant Supervisory Consent (as
defined in Condition 6(7) of the Offering Circular) the Society
intends to repay all of the PIBS on 1 June 2020 (being the "Reset
Date" (as defined in Condition 5(2) of the Offering Circular)), at
their principal amount, together with any interest accrued to but
excluding the date of repayment.
The PIBS shall be cancelled forthwith from the Reset Date and
may not be reissued or resold.
Notwithstanding the provisions of Condition 7 of the Offering
Circular, payments of principal amounts made by the Society to each
PIBS holder, shall in the case of PIBS held in uncertificated form,
be made by means of a CREST payment in favour of the CREST
participant's payment bank. In the case of PIBS held in certificate
form, payments made by the Society shall be made by cheque drawn on
a branch of a UK clearing bank and despatched (at the PIBS holder
risk) by second class post in accordance with Condition 7 of the
Offering Circular.
Pursuant to Condition 7 of the Offering Circular, all payments
in respect of the PIBS shall be made without withholding or
deduction for, or on account of, any present or future taxes,
duties, assessments or governmental changes of whatever nature
("Taxes") imposed or levied by or on behalf of the United Kingdom
or any political subdivision or any authority thereof or therein
having power to tax, unless the withholding or deduction of the
Taxes is required by law.
Notwithstanding Condition 7 of the Offering Circular, all
payments in respect of interests in PIBS held through Euroclear and
Clearstream, Luxembourg accounts will be credited to the cash
accounts of Euroclear and Clearstream, Luxembourg accountholders in
accordance with each system's rules and procedures.
Any PIBS holder who is holding a PIBS Certificate (as defined in
the Offering Circular) shall deliver such PIBS Certificate to the
Registrar at Equiniti Limited, Corporate Actions, Aspect House,
Spencer Road, Lancing, West Sussex BN99 6DA on or before 11.00 a.m.
on 29 May 2020. In the event that any PIBS Certificate has been
lost, stolen or destroyed, the PIBS holder should call the helpline
on 0371 384 2683 to request a Letter of Indemnity which should be
completed in accordance with the instructions provided and return
it with the appropriate payment requested to the Registrar at
Equiniti Limited, Corporate Actions, Aspect House, Spencer Road,
Lancing, West Sussex BN99 6DA on or before 11.00 a.m. on 29 May
2020. Cheque payments for the repayment of the principal amount due
will be retained for any PIBS holder who does not return a PIBS
Certificate, or Letter of Indemnity in lieu thereof, by 11.00 a.m.
on 29 May 2020 and such cheques will be held until such time as the
PIBS Certificate, or Letter of Indemnity in lieu thereof, is
surrendered to the Registrar.
Separate payments in relation to any interest accrued to but
excluding the date of repayment will be issued either by BACS where
a bank mandate instruction is in place or alternatively by cheque
despatched (at the PIBS holder risk) by second class post.
The Society accepts responsibility for the information contained
in this notice. To the best of the knowledge of the Society (having
taken all reasonable care to ensure that such is the case) the
information contained in this notice is in accordance with the
facts and does not omit anything likely to affect the import of
such information.
This notice and any non-contractual obligations arising out of
or in connection with it are governed by and shall be construed in
accordance with English law.
This notice is given by Principality Building Society.
Dated: 24(th) April 2020
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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