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Manchester Bld Soc (MBSR)

Manchester Bld Soc

PIBS coupon payments
RNS Number : 3063J
Manchester Building Society
29 March 2018
 

29 March 2018

Manchester Building Society Permanent Interest Bearing Share ("PIBS") coupon payments

Manchester Building Society ('the Society') confirms that the Society will not be paying the April 2018 coupon on the two tranches of PIBS in issue.

As set out in the results for the year ended 31 December 2017, the Society met its Individual Capital Guidance ("ICG") in total capital terms, but will not meet the qualitative standards for the level of CET1 regulatory capital. As a result, in order to conserve capital a distribution to PIBS holders is prohibited under the Capital Requirements Directive IV ("CRD IV") article 141.

There is uncertainty over the Society's ability to make PIBS coupon payments due after April 2018. Any further non-payment will be announced to the market.

PIBS coupons are not cumulative so any interest payments on the PIBS which are not paid are permanently cancelled and will not become due at a future date.

PIBS are not protected deposits covered by the Financial Services Compensation Scheme ("FSCS") (1)

Enquiries 

Andy Donald - Maitland 

020 7379 5151 

adonald@maitland.co.uk 

Note (1) PIBS are not protected deposits covered by the Financial Services Compensation Scheme (the "FSCS"). There is no expectation of repayment of the PIBS unlike normal deposits with the Society. PIBS are subordinated to all other liabilities of the Society, other than liabilities in respect of Profit Participating Deferred Shares ("PPDS"). In a liquidation of the Society the PIBS rank behind all other creditors of the Society (other than PPDS). In order to realise the investment in PIBS, an investor must either sell the PIBS in the market or make a private sale.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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