National Australia Bank Limited (NAB) confirmed today that the demerger of CYBG PLC (CYBG), which owns the Clydesdale Bank in the UK, became effective today, 3rd February 2016. The final price, agreed through the overseas listing of 180 pence (approximately A$3.65 per share) implies a market capitalisation of CYBG of approximately £1.58 billion (or A$3.22 billion).
Investors should note that given the demerger is proceeding as planned, NAB will trade ex CYBG Securities on Australian Securities Exchange (ASX) on 3 February 2016 and CYBG is expected to trade on London Stock Exchange (LSE) on 3 February 2016 and on the ASX on 4 February 2016, under the ASX code “CYB”. NAB shareholders will receive one CYB share for every four NAB shares held, and portfolios will reflect the new ASX listed CYB shares accordingly.
