REG - Skipton Bldg.Soc. - Results of Tender Offer and Results of Meeting

Nomura HoldingsAnnouncement

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RNS Number : 9368J  Skipton Building Society  02 December 2025

Skipton Building Society announces results of the tender offer and consent
solicitation in respect of its £25,000,000 12⅞ per cent. Permanent Interest
Bearing Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND
POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN
SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED
STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES") OR TO
ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED) (THE "SECURITIES ACT") AND FOR DISTRIBUTION ONLY
OUTSIDE THE REPUBLIC OF ITALY. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY OTHER JURISDICTION OR TO
ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA).

2 December 2025. On 31 October 2025, Skipton Building Society (the "Society")
announced an invitation to holders (the "PIBS Holders") of its £25,000,000
12⅞ per cent. Permanent Interest Bearing Shares (ISIN: GB0008194119) (the
"PIBS") to:

(i)           tender any or all of their PIBS for purchase by the Society
for cash (the "Tender Offer"); and

(ii)        approve the variation of the Special Conditions of Issue of
the PIBS (the "Proposed Variation") to provide for the Society to redeem (the
"Issuer Call") all, but not some only, of the PIBS that are not purchased
pursuant to the Tender Offer (the "Consent Solicitation" and, together with
the Tender Offer, the "Offers").

The Offers were made on the terms and subject to the conditions contained in
the offer memorandum dated 31 October 2025 (the "Offer Memorandum") and were
subject to the offer and distribution restrictions set out in the Offer
Memorandum.

The results of the Tender Offer and the Consent Solicitation are set out
below.

Capitalised terms used in this announcement but not defined have the meanings
given to them in the Offer Memorandum.

Results of the Tender Offer

The offer period for the Tender Offer expired at 1.00 p.m. (UK time) on 27
November 2025 (the "Tender Deadline"). As at the Tender Deadline, £15,820,000
in aggregate principal amount of PIBS had been validly tendered for purchase
pursuant to the Tender Offer.

The Society has, following conclusion of the Meeting today (as described
below), elected to accept all valid tenders of PIBS in full.

PIBS Holders who validly tendered any of their PIBS in the Tender Offer will
receive an amount equal to £2,146.21 for every £1,000 in principal amount of
PIBS so tendered and purchased by the Society. This represents the sum of:

(a)           the Purchase Price of £2,080 for each £1,000 in
principal amount of PIBS tendered;

(b)           an Accrued Interest Payment of £46.21 for each
£1,000 in principal amount of PIBS tendered; and

(c)           the Voting Fee of £20 for each £1,000 in principal
amount of PIBS tendered.

The Society will make payment of such amounts to the Receiving Agent on or
before the Settlement Date of 9 December 2025 for onward payment to the
relevant PIBS Holders in accordance with the usual procedures for payments of
amounts relating to the PIBS. Accordingly:

(i)         eligible PIBS Holders who currently receive interest payments
in respect of the PIBS by bank transfer will receive payment by bank transfer
on the Settlement Date; and

(ii)         eligible PIBS Holders who currently receive interest
payments in respect of the PIBS by cheque will receive payment by cheque
posted on the Business Day immediately prior to the Settlement Date to the
registered address of such PIBS Holder appearing in the Register.

All PIBS accepted for purchase by the Society pursuant to the Tender Offer
will be cancelled directly by the Registrar on the Settlement Date, and PIBS
Holders are not required to take any steps to transfer those PIBS to the
Society.

Results of the Consent Solicitation and Exercise of the Issuer Call by the
Society

The Meeting of PIBS Holders was held on 2 December 2025 as planned. The
Meeting was quorate (with 73.43 per cent. of the principal amount of the
outstanding PIBS being represented at the Meeting) and the Resolution was
approved by the PIBS Holders (with 93.44 per cent. of the votes cast on the
Resolution being in favour).

Accordingly the Society has implemented the Proposed Variation with effect
from 2 December 2025. The variations made to the Special Conditions of Issue
of the PIBS are set out in the Annex to this announcement.

NOTICE is now given by the Society to all PIBS Holders that the Society will
redeem all (but not some only) of the PIBS that are not purchased pursuant to
the Tender Offer pursuant to the Issuer Call on the Redemption Date of 9
December 2025. The Society has obtained Relevant Supervisory Consent for this
redemption of the PIBS pursuant to the Issuer Call.

PIBS Holders who did not validly tender their PIBS in the Tender Offer and
whose PIBS are instead redeemed pursuant to the Issuer Call will receive an
amount equal to £2,126.21 for every £1,000 in principal amount of PIBS so
redeemed by the Society. This represents the sum of:

(a)           the Redemption Price of £2,080 for each £1,000 in
principal amount of PIBS so redeemed; and

(b)       a separate amount of £46.21 for each £1,000 in principal amount
of such PIBS, in respect of accrued and unpaid interest on such PIBS up to
(but excluding) the Redemption Date.

In addition, if any PIBS Holder whose PIBS are redeemed pursuant to the Issuer
Call validly submitted a Voting Only Instruction specifying 'Option 2' (as
described in the Offer Memorandum) by the Voting Deadline of 1.00 p.m. (UK
time) on 27 November 2025, such PIBS Holder will also receive the Voting Fee
of £20 for each £1,000 in principal amount of such PIBS so redeemed.

The Society will make payment of such amounts to the Receiving Agent on or
before the Redemption Date of 9 December 2025 for onward payment to the
relevant PIBS Holders in accordance with the usual procedures for payments of
amounts relating to the PIBS. Accordingly:

(i)        eligible PIBS Holders who currently receive interest payments
in respect of the PIBS by bank transfer will receive payment by bank transfer
on the Redemption Date; and

(ii)         eligible PIBS Holders who currently receive interest
payments in respect of the PIBS by cheque will receive payment by cheque
posted on the Business Day immediately prior to the Redemption Date to the
registered address of such PIBS Holder appearing in the Register.

All PIBS redeemed pursuant to the Issuer Call will be cancelled directly by
the Registrar on the Redemption Date, and PIBS Holders are not required to
take any steps in connection with the redemption of their PIBS pursuant to the
Issuer Call. Following this notice of exercise of the Issuer Call, PIBS
Holders should not seek to transfer their PIBS to any other person.

Following the purchase and cancellation of tendered PIBS pursuant to the
Tender Offer and the redemption and cancellation of all other PIBS pursuant to
the Issuer Call no PIBS will remain outstanding, and request will be made to
the Financial Conduct Authority (the "FCA") and to the London Stock Exchange
for the listing of the PIBS on the Official List of the FCA and the admission
to trading of the PIBS on the main market of the London Stock Exchange to be
cancelled.

Further Information

The Society has retained Nomura International plc to act as dealer manager and
solicitation agent with respect to Institutional Investors only for the Offers
(the "Dealer Manager"), MUFG Corporate Markets (UK) Limited to act as
receiving agent and tabulation agent for the Offers (the "Receiving Agent")
and D.F. King Ltd to act as retail information agent (the "Retail Information
Agent").

As used in this announcement and the Offer Memorandum:

·           "Retail Investor" means a PIBS Holder who is not an
Institutional Investor (as defined below). Any PIBS Holder who is an
individual (rather than a company or other organisation) will be a Retail
Investor. Any PIBS Holder that is a company or other organisation and is not
sure whether they are a Retail Investor or an Institutional Investor may
contact the Retail Information Agent for further information, using the
contact details set out below; and

·           "Institutional Investor" means a PIBS Holder that is:

(i)   an "eligible counterparty" or a "professional client", each as defined
in Directive 2014/65/EU (as amended, "MiFID II"); or

(ii)   an "eligible counterparty" as defined in the FCA Handbook Conduct of
Business Sourcebook or a "professional client" as defined in Regulation (EU)
No 600/2014 as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MiFIR").

Retail Investors

Retail Investors who have questions regarding the Offers should contact the
Receiving Agent using the following contact details:

 MUFG Corporate Markets (UK) Limited

 Central Square

 29 Wellington Street

 Leeds LS1 4DL

 United Kingdom

 Telephone:     +44 (0) 371 664 0321 1  (#_ftn1)

Any Intermediary or advisor that represents Retail Investors can contact the
Retail Information Agent with questions concerning the Offers, using the
following contact details:

 D.F. King Limited

 Central Square

 29 Wellington Street

 Leeds LS1 4DL

 United Kingdom

 Email:             SBS@dfkingltd.co.uk

Institutional Investors

Institutional Investors who have questions regarding the Offers should contact
the Dealer Manager using the following contact details:

 Nomura International plc

 1 Angel Lane

 London EC4R 3AB

 United Kingdom

 Telephone:     +44 20 7103 2410 / +44 20 7103 2454

 Email:             liability.management@nomura.com

 Attention:      Liability Management Group

Disclaimer

The Offers have now concluded, and no further Tender Instructions or Voting
Only Instructions may be submitted in connection with the Offers.

This announcement must be read in conjunction with the announcement relating
to the Offers published by the Society on 31 October 2025 (the "Launch
Announcement"), the Offer Memorandum and any other announcements and notices
published in connection with the Offers. If you are in any doubt as to the
contents of this announcement, the Launch Announcement or the Offer Memorandum
or the action you should take, you are recommended to seek your own financial,
tax and legal advice, including as to any tax consequences, immediately from
your broker, solicitor, accountant or other independent financial, tax, legal
or accounting adviser. None of the Society, the Dealer Manager, the Receiving
Agent, the Retail Information Agent or the Registrar is able to provide
financial, legal, tax, accounting or any other advice in connection with the
Offers, or to express any opinion on the merits of the Offers.

The distribution of this announcement, the Launch Announcement and the Offer
Memorandum in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement, the Launch Announcement and/or the Offer
Memorandum comes are required by each of the Society, the Dealer Manager, the
Receiving Agent, the Retail Information Agent and the Registrar to inform
themselves about, and to observe, any such restrictions.

LEI: 66AGRETLUXS4YO5MUH35

Market Abuse Regulation

This announcement is made by the Society and contains information that
qualified or may have qualified as inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA")
("UK MAR"), encompassing information relating to the Offers and the exercise
of the Issuer Call described above. For the purposes of UK MAR and the
Implementing Technical Standards, this announcement is made by Anthony
Chapman, Group Treasurer at the Society.

 

ANNEX

The following are the variations that have been made to the Special Conditions
of Issue of the PIBS following the passing of the Resolution and the
implementation of the Proposed Variation. The variations are shown by way of
strike through (example) of deletions and underlining (example) of insertions.

1.             Proposed variation to Condition 4:

"4.           Repayment

(1)         The PIBS constitute permanent non-withdrawable deferred shares
in the Society and have no specified final maturity.

(2)         The PIBS will become repayable on the date that an instrument
or order is made or an effective resolution is passed for the winding up or,
otherwise than by virtue of section 93(5), section 94(10), section 97(9) or
section 97(10) of the Act, dissolution of the Society but only if and subject
to the condition that all sums due from the Society to Creditors claiming in
the winding up or dissolution have been paid in full.

For the purposes of these Conditions, "Creditors" means all creditors
(including all subordinated creditors) of the Society and members holding
shares (other than deferred shares) as regards the principal and interest due
in respect of those shares.

(3)         The claims of PIBS holders in a winding up or dissolution of
the Society will be for the principal amount of their PIBS together, subject
to Condition 3, with interest accrued to but excluding the date of repayment
after all sums due from the Society to Creditors have been paid in full. PIBS
holders will not be entitled to any share in any final surplus upon a winding
up or dissolution of the Society

(4)         The Society may, having obtained prior Relevant Supervisory
Consent and, for so long as the PIBS are listed on the London Stock Exchange
plc The International Stock Exchange of the United Kingdom and the Republic of
Ireland Limited (the "London Stock Exchange"), subject to and in accordance
with the requirements from time to time of the London Stock Exchange, purchase
any PIBS. In the case of purchases by tender, tenders shall be made available
to all PIBS holders alike.

For the purposes of these Conditions, "Relevant Supervisory Consent" means
consent to the relevant purchase or redemption given by the Prudential
Regulation Authority Building Societies Commission (or any successor body
performing for the time being the same or similar functions in relation to
building societies).

(5)          All PIBS repaid or purchased by the Society as aforesaid
shall be cancelled forthwith and such PIBS may not be reissued or resold.

      (6)        a)       The Society shall, having (i) obtained
prior Relevant Supervisory Consent and (ii) given the PIBS holders not less
than three Business Days' notice, redeem on the Redemption Date all (but not
some only) of the outstanding PIBS not purchased by the Society pursuant to
the Tender Offer, at a redemption price equal to £2,080 for each £1,000 in
principal amount of the PIBS, together with a payment in lieu of accrued and
unpaid interest on the PIBS up to (but excluding) the Redemption Date
determined in accordance with the final paragraph of Condition 3(1) above.

(b)       The notice under Condition 4(6)(a) above shall be given to the
PIBS holders by either (at the Society's option) (i) sending it by post to the
registered address of the Primary Holder of the PIBS appearing on the
Society's register at the Issuer Call Record Time (as defined in Condition 5),
or (ii) publication via the regulatory news service of the London Stock
Exchange (or any successor or replacement service).

                          (c)           Any notice
given under Condition 4(6)(a) shall be irrevocable, and following such notice
the Society shall be bound to redeem the PIBS on the Redemption Date. Once
redeemed, the PIBS will be cancelled and may not be reissued or resold.

                          (d)           Any amount
representing the redemption price or any amount in lieu of accrued and unpaid
interest, as referred to in Condition 4(6)(a), in respect of which no cheque
or warrant has been cashed and no payment claimed shall cease to be payable
after twelve years from the Redemption Date and shall revert to the Society.

(e)           In this Condition 4(6):

                                          (i)
  "Business Day" means a day (other than a Saturday or a Sunday) on which
banks are open for business in England;

(ii)        "Consent Solicitation" means the invitation by the Society to
PIBS holders to consent to the approval of the Resolution proposed for, inter
alia, the inclusion of this Condition 4(6) in these Conditions, as described
in the Offer Memorandum;

(iii)        "Offer Memorandum" means the Offer Memorandum dated 31
October 2025 prepared by the Society and relating to the PIBS, the Consent
Solicitation and the Tender Offer;

(iv)          "Redemption Date" means 9 December 2025; and

(v)         "Tender Offer" means the invitation by the Society to PIBS
holders (subject to applicable laws) to tender their PIBS for purchase by the
Society, as described in the Offer Memorandum."

2.             Proposed variation to Condition 5:

"5.           Payments

All payments in respect of the PIBS will be made by sterling cheque drawn on a
bank in England and posted on the day (other than a Saturday or a Sunday) on
which banks are open for business in England immediately preceding the
relevant due date, and made payable, to the PIBS holder or to the
Representative Joint Shareholder appearing in the register of members of the
Society at the close of business on the fifteenth day before the relevant due
date (the "Record Date") or, in the case of any payment pursuant to Condition
4(6), at the close of business on the fifth Business Day (as defined in
Condition 4(6)) before the Redemption Date (the "Issuer Call Record Time"), at
his address shown in the register of members of the Society on the Record Date
or at the Issuer Call Record Time, as applicable. Upon application of the PIBS
holder or the Representative Joint Shareholder to the Society, in the form
from time to time prescribed by the Society, not less than ten days before the
due date for any payment in respect of a PIBS, the payment may be made by
transfer on the due date to a sterling account maintained by the payee with a
bank in England."

 

 1  Lines are open from 9.00 a.m. to 5.30 p.m. (UK time) Monday to Friday
(excluding public holidays in England and Wales). If calling from within the
UK, please call 0371 664 0321. If calling from outside the UK, please call +44
371 664 0321 (calls using this number from within the UK will be charged at
the standard geographic rate and will vary by provider). Calls from outside
the UK will be charged at the applicable international rate. Please note that
calls may be monitored for security and training purposes. The helpline cannot
provide advice on the merits of the Offers nor give any financial, legal or
tax advice.

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