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Secure Trust Bank PLC Proposes Placing To Raise GBP20 Million

Tuesday, 20 Nov 2012 02:00am EST 

Secure Trust Bank PLC announced that it has proposed to raise GBP20 million through a non pre-emptive placing of new Ordinary Shares to institutional investors and its majority shareholder, Arbuthnot Banking Group PLC. Secure Trust Bank intends to use the proceeds of the Placing to provide capital to support various inorganic and organic growth opportunities, and to repay its existing subordinated debt of GBP5.0 million (the Subordinated Debt) to Arbuthnot. The proceeds from Arbuthnot's subscription in the Placing of approximately £5.0 million will be offset against the Subordinated Debt payable to Arbuthnot by the Company. 

Company Quote

63.0 +2.30%
4 Apr 2014