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 |
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 FURUUUCCMUPMGAB
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