REG - Standard Chrtrd PLC - Notice to ADR Holders of 6.409% Preference Shares

Standard CharteredAnnouncement

15/10/2024 15:15

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RNS Number : 2932I  Standard Chartered PLC  15 October 2024

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ANNOUNCEMENT.

15 October 2024

STANDARD CHARTERED PLC
(a public limited company incorporated in England and Wales)

Announcement on Standard Chartered PLC's 6.409% non-cumulative redeemable
preference shares (the "6.409% Preference Shares") represented by American
Depositary Shares ("ADSs")

On 12 April 2024, Standard Chartered PLC (the "Company") issued proceedings in
the High Court of Justice of England and Wales (the "Court") to seek a binding
declaration on the use of an alternative benchmark rate to three month USD
LIBOR to calculate the dividend rate payable on the 6.409% Preference Shares
(the "Proceedings").

The Proceedings were heard by the Court between Friday 27 September 2024 and
Wednesday 2 October 2024.

Today, the Court has handed down its judgment. 1  The Company has successfully
obtained clarity from the Court regarding the terms of the 6.409% Preference
Shares and the use of an alternative benchmark rate following the cessation of
publication of synthetic three month USD LIBOR. The Company welcomes the
Court's decision.

For each dividend period commencing on or after 30 October 2024, the rate of
dividends payable on the 6.409% Preference Shares is to be calculated by
reference to a reasonable alternative rate to three month USD LIBOR. The Court
has found that, as matters stand, three month CME Term SOFR plus a credit
adjustment spread of 0.26161% is the reasonable alternative rate, which was
the alternative rate proposed by the Company in the Proceedings.

Accordingly, the rate of dividends payable on the 6.409% Preference Shares
will be a rate per annum equal to the sum of: (A) 1.51%; (B) three month CME
Term SOFR; and (C) a credit adjustment spread of 0.26161%.

This announcement is released by the Company and contains information that
qualified as inside information for the purposes of Article 7 of Regulation
(EU) No 596/2014 as it forms part of the domestic law of the U.K. by virtue of
the EUWA ("UK MAR"), encompassing information relating to the 6.409%
Preference Shares described above.

Debt Investor Relations

Email: Investor.Relations@sc.com (mailto:Investor.Relations@sc.com)
 
 
 

Tel: +44 207 885 8888

 

Group Media Relations

Shaun Gamble

Email: shaun.gamble@sc.com (mailto:shaun.gamble@sc.com)

Tel: +44 7766 443 662

 

 

 1 
https://www.judiciary.uk/judgments/standard-chartered-plc-v-guaranty-nominees-limited-and-others/
(https://www.judiciary.uk/judgments/standard-chartered-plc-v-guaranty-nominees-limited-and-others/)

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