Variations to the conditions of the Profit Participating Deferred Shares

Regulatory news announcement for immediate release.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR ITS TERRITORIES, AUSTRALIA, SOUTH AFRICA, JAPAN OR CANADA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION

On 13 December 2017, West Bromwich Building Society (the “Society”) announced plans for a liability management exercise (the “LME”) in relation to its 3,650 Profit Participating Deferred Shares (the “PPDS”) and its £75 million 6.15 per cent. Permanent Interest Bearing Shares (the “PIBS”).

The Society announced that, as part of the LME, it expected to propose resolutions to the holders of the PPDS to vary the Special Conditions of Issue of the PPDS (the “PPDS Conditions”) in certain respects (the “Variations”). The Society announced that it expected to make certain of these Variations in the near-term, in particular those Variations which address the investor challenge as to qualification of the PPDS as common equity tier 1 capital. 

On 10 January 2018, the Society wrote to the holders of the PPDS, inviting them to approve written resolutions authorising the Society to make certain Variations. On 18 January 2018, these written resolutions were passed with the consent in writing of the holders of more than three-quarters of the PPDS. The Society has, therefore, varied the PPDS Conditions with effect from today, and the revised PPDS Conditions are available for viewing on the Society’s website.

The Society is making good progress in its preparations for the LME, and will continue to work towards launching the LME as soon as reasonably practicable, targeting the first half of 2018. 

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