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CAGP Lloyds Bk.perp

166.25
0.00 (0.00%)
09 Jan 2025 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Lloyds Bk.perp LSE:CAGP London Bond
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 166.25 164.50 168.00 172.50 166.25 172.50 0 08:01:34

Further re Subordinated Bonds

09/07/2007 4:57pm

UK Regulatory


RNS Number:9172Z
Cheltenham & Gloucester PLC
09 July 2007

                     LLOYDS TSB/CHELTENHAM & GLOUCESTER PLC


            Cheltenham & Gloucester plc 11.75% Perpetual Subordinated Bonds

Lloyds TSB Bank plc ("Lloyds TSB") and Cheltenham & Gloucester plc ("C&G")
announced today that they have now agreed arrangements, originally announced on
11 May 2007, under which, pursuant to a banking business transfer scheme
("Scheme") to be proposed under Part VII of the Financial Services and Markets
Act 2000, the banking business of C&G, including the savings and mortgage
balances of C&G together with related rights and liabilities, will be
transferred to Lloyds TSB. The 11.75% Perpetual Subordinated Bonds of C&G (the
"Bonds") will be transferred under the Scheme, and accordingly the Bonds will
become, upon the Scheme becoming effective, subordinated bonds of Lloyds TSB.
Lloyds TSB will thereafter be liable for all future payments of principal and
interest under the Bonds to the holders thereof and will, as issuer thereunder,
comply with all the terms and conditions of the Bonds. The rights of each holder
of Bonds will thereafter be exercisable against Lloyds TSB and not C&G, but will
otherwise remain the same.

The transfer is subject to, among other things, court approval of the Scheme.
Lloyds TSB and C&G will tomorrow commence the court process to seek such
approval, and are intending that the transfer pursuant to the Scheme become
effective on 1 October 2007. Lloyds TSB and C&G will post a notice on their
websites at "www.lloydstsb.com" and "www.cheltglos.co.uk" respectively as soon
as the Scheme has become effective.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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