Timetable set out for IPO

Clydesdale to defy market turmoil and float next month

Clydesdale BankClydesdale Bank will be floated on the London Stock Exchange next week and the shares will be fully tradable from 8 February.

National Australia Bank security holders yesterday voted overwhelmingly in favour of the demerger of Glasgow-based Clydesdale and the Yorkshire Bank. NAB shareholders will retain 75% of the stock. The remainder will be distributed to institutions.

The final price of the initial public offering, in a range between 175p and 235p will be announced on 2 February when conditional trading will begin. It marks the return of the Clydesdale to independent ownership for the first time since 1920.

This price range values the CYBG Group at between £1.5 billion and £2bn which is slightly lower than initial estimates following the turmoil in global stock markets.

Explaining the reasons for the IPO, NAB chairman Ken Henry told shareholders in Melbourne: “Clydesdale Bank has been a significant factor in NAB shareholder returns not being at the level that we have wanted, nor competitive with our Australian peers.

He said the board examined a range of options, including a trade sale, and believes the demerger and IPO presents “the most certain outcome for NAB shareholders”.

Clydesdale Bank has 2.8 million customers and 275 branches and Mr Henry said the flotation “positions it as the largest challenger to the UK’s major high street banks”.

He said that without the competing priorities across the NAB group it would be “free to pursue a market position that better supports growth and shareholder return on its own”.



Indicative date

Second Supreme Court of Victoria hearing

1 February 2016

Expected announcement of the Institutional Offer Price

2 February 2016

Expected commencement of conditional trading of CYBG Shares on the London Stock Exchange (LSE)

2 February 2016, 8:00am (GMT)

Expected commencement of deferred settlement trading of CYBG CHESS Depositary Interests (CDIs) on Australian Securities Exchange (ASX)

3 February 2016, 10:15am (AEDT)

Latest time and date by which CDI Election Forms, Share Election Forms and Sale Facility Forms must be received by the NAB Share Registry if you wish to make a Security Election or participate in the Sale Facility

3 February 2016, 5:00pm (AEDT)

Demerger implementation date

8 February 2016

UK admission of CYBG Shares: CYBG Shares commence trading on an unconditional basis

8 February 2016, 8:00am (GMT)

Expected commencement of trading of CYBG CDIs on ASX on a normal settlement basis

17 February 2016

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