Rule 19.6(c) confirmation - post-offer intentio...

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THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(C) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") WHICH, INTER ALIA, REQUIRES A PARTY TO AN OFFER TO MAKE AN ANNOUNCEMENT AT THE END OF A PERIOD OF 12 MONTHS FROM THE DATE ON WHICH THE OFFER PERIOD ENDED CONFIRMING WHETHER IT HAS TAKEN, OR NOT TAKEN, THE COURSE OF ACTION SET OUT IN ITS STATED INTENTIONS.

5 October 2020

OneSavings Bank plc (“OSB”)
Rule 19.6(c) confirmation with respect to post-offer intention statements made in relation to Charter Court Financial Services Group plc (“CCFS”)

OSB announces that, further to the completion of its recommended all-share combination with CCFS, which was implemented by way of a scheme of arrangement between CCFS and its shareholders under Part 26 of the Companies Act 2006 and which became effective on 4 October 2019, it has duly confirmed in writing to The Panel on Takeovers and Mergers in accordance with the requirements of Rule 19.6(c) of the City Code on Takeovers and Mergers (the “Code”) that, save as set out in its announcement of 30 January 2020 pursuant to Rule 19.6(b) of the Code regarding its disposal of Prestige House and the discontinuance of the Prestige Finance brand, OSB has complied with the post-offer statements of intent made pursuant to Rules 2.7(c)(iv) and 24.2 of the Code and which are set out in its announcement of 14 March 2019 and the CCFS scheme document published on 15 May 2019.

Enquiries:

OneSavings Bank plc

Alastair Pate                                                                           t: 01634 838 973

Brunswick Group

Robin Wrench/Simone Selzer                                                    t: 020 7404 5959

About OneSavings Bank plc

OneSavings Bank plc began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. OSB is a specialist lending and retail savings group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). The Bank acquired Charter Court Financial Services Group plc and its subsidiary businesses on 4 October 2019.

OneSavings Bank

OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

OSB originates mortgages organically via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries, InterBay Commercial and Prestige Finance. It is differentiated through its use of highly skilled, bespoke underwriting and efficient operating model.

OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which includes online and postal channels as well as a network of branches in the South East of England. Diversification of funding is currently provided by securitisation programmes, the Term Funding Scheme and the Bank of England Indexed Long-Term Repo operation.

Charter Court Financial Services Group

CCFS focuses on providing Buy-to-Let and specialist residential mortgages, mortgage servicing, administration and credit consultancy and retail savings products. It operates through its three brands – Precise Mortgages, Exact Mortgage Experts and Charter Savings Bank.

It is differentiated through risk management expertise and best-of-breed automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.

CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes, the Term Funding Scheme, Term Funding Scheme for SMEs and the Bank of England Indexed Long-Term Repo operation.