Sale of 580,000 of Secure Trust Bank PLC shares

RNS Number : 5539V

Arbuthnot Banking Group PLC

13 December 2013

 



FOR IMMEDIATE RELEASE

13 December 2013

Arbuthnot Banking Group PLC

Sale of 580,000 of Secure Trust Bank PLC shares

Arbuthnot Banking Group PLC ("Arbuthnot" or the "Group") today announces that it has sold 580,000 ordinary shares in Secure Trust Bank ("STB") to institutional investors, hence increasing the free float of its subsidiary and reducing its holding in STB from 70.7% to 67%.  The Group will receive cash consideration of approximately £14.4 million net of costs from the placing of the shares to investors.

This transaction is not expected to be accounted for as part of the profit before tax for the consolidated group accounts, but will directly increase the reserves and accordingly the regulatory capital resources of the Group. This will allow the Group to continue to invest in future growth opportunities that exist for both of its banks.

The Group has also agreed not to sell further shares in STB until 13 June 2014 unless it has received prior approval from Cannacord Genuity Limited.

Enquiries:

Arbuthnot Banking Group                                                             0207 012 2400

Henry Angest, Chairman and Chief Executive

Andrew Salmon, Group Chief Operating Officer

James Cobb, Group Finance Director

David Marshall, Director of Communications

Canaccord Genuity Limited (Nominated Advisor)                   0207 665 4500

Lawrence Guthrie

Sunil Duggal

Numis Securities Ltd (Broker)                                                     0207 260 1000

Chris Wilkinson

Mark Lander

Pelham Bell Pottinger (Financial PR)                                           0207 861 3917

Ben Woodford

Dan de Belder

 

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