Overview
NAB is seeking to exit its investment in CYBG Group, a UK based banking group, by demerging 75% of the CYBG Shares to NAB Shareholders (“Demerger”).The remaining CYBG Shares are proposed to be divested by NAB under the Institutional Offer. NAB Shareholders will be entitled to one CYBG Security for every four NAB Shares they hold as at the Scheme Record Date. The Scheme Record Date is expected to be 7:00pm on 5 February 2016.
Small Shareholders (eligible NAB Shareholders who individually hold 2,000 NAB Shares or less) who elect to participate in the Sale Facility, will have the CYBG Securities, to which they would otherwise have been entitled to under the Demerger, automatically sold through the
Sale Facility and will have the proceeds of the sale remitted to them (free of any brokerage costs or stamp duty but excluding any interest and after deducting any applicable withholding tax).
How to Participate in the Sale Facility
If you have any AMG Super clients who hold less than 2,000 NAB shares, they are able to participate in the Sale Facility. You can facilitate this on behalf of your clients through the online portal by following the below steps:
- Go to the website – http://www.clydesdaledemerger.com.au
- Under the heading Voting & Elections, select “I hold NAB Shares only” *
- Press the “Make Sale Election” button
- Enter the client’s HIN (including the X) and the post code 4173 and press login
- Select “I Agree” to the identity confirmation
- Select “I Agree” to the Sale Election Information
- In the Sale Election box, select “OPTION A: SELL AND RECEIVE CASH.” Please note that within superannuation you are unable to select Option B. Then press Continue.
- Review your selection (ensuring you selected Option A). Then in the Email Confirmation address put in your email address. Then press Submit.
* Important notes:
– As per the rules of the Fund, individual AMG Super members are not able to participate in proxy voting.
– If your clients hold NAB income securities, they are not eligible for the CYBG shares of the sale facility.
