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LONDON - Skipton Building Society announced on Friday a tender offer to purchase its £25 million 12⅞ percent Permanent Interest Bearing Shares (PIBS) at 208 percent of face value, alongside a consent solicitation to modify terms allowing redemption of any remaining shares.
The society is offering to buy back the PIBS for £2,080 per £1,000 in principal amount, plus accrued interest. PIBS holders who tender their shares by the November 27 deadline will automatically vote in favor of a resolution to allow redemption of any remaining shares at the same price.
Holders who participate in the tender offer or vote in favor of the resolution will receive an additional voting fee of 2 percent, or £20 per £1,000 in principal amount.
Skipton stated that it seeks to repurchase the PIBS because they "no longer satisfy the purpose for which they were originally issued." The shares were initially issued to count toward the society’s tier 1 capital requirements, but regulatory changes mean they are no longer eligible.
The society has received permission from the Prudential Regulation Authority to buy back the PIBS any time before March 8, 2026, and confirmed it has "sufficient capital and financial resources" to complete the transaction.
If the resolution passes at the December 2 meeting, PIBS not tendered will be redeemed on December 9. Should the meeting require adjournment, the settlement and redemption dates would be postponed to December 23.
Nomura International is acting as dealer manager for institutional investors, while MUFG Corporate Markets (UK) Limited serves as receiving agent. The announcement was made based on a press release statement from Skipton Building Society.
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