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LONDON - Skipton Building Society announced on Friday it will hold a meeting on December 2, 2025, to seek approval from holders of its £25 million 12⅞ percent Permanent Interest Bearing Shares (PIBS) to redeem all outstanding shares not purchased through a concurrent tender offer.
The building society is proposing to redeem the PIBS at £2,080 for each £1,000 in principal amount, plus accrued interest. The society has also launched a tender offer to purchase any and all PIBS for cash, with eligible holders who participate in the tender or vote in favor of the resolution by November 27 qualifying for an additional 2 percent voting fee.
Skipton explained that it wishes to buy back the PIBS because they no longer satisfy their original purpose of counting toward the society’s tier 1 capital requirements due to regulatory changes. The society stated it has received permission from the Prudential Regulation Authority to repurchase the PIBS any time before March 8, 2026.
The mid-market price for the PIBS on the London Stock Exchange was £1,892.50 per £1,000 principal amount as of October 24, 2025, according to the notice.
If approved, the redemption date is expected to be December 9, 2025, coinciding with the settlement date of the tender offer. The resolution requires approval from holders representing at least three-quarters of the principal amount of PIBS represented at the meeting.
The meeting will be held at the offices of Allen Overy Shearman Sterling LLP in London. Nomura International is acting as dealer manager for institutional investors, while D.F. King is serving as retail information agent.
The information was provided in a notice of general meeting published by the society.
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