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Notice
Virgin Money UK PLC (ASX code: VUK) released a scheme booklet followed by timetable update for the proposed Scheme of Arrangement with Nationwide Building Society to acquire 100% of the shares in VUK.
The Scheme was approved by shareholders during the Scheme Meeting that took place on Wednesday, 22 May 2024. VUK shareholders will receive a consideration of 220 pence consisting of a cash consideration of 218 pence and an ordinary dividend of 2 pence (received on Tuesday, 30 July 2024) for each VUK share held on the scheme record date. VUK will subsequently be delisted from the ASX.
The indicative timetable (from the ETO’s perspective) is:
VUK Scheme Meeting |
Wednesday, 22 May 2024 |
Court Hearing to approve the Scheme (Second Court Date) |
Friday, 27 September 2024 |
Scheme Effective Date |
Tuesday, 1 October 2024 |
Last day of trading in VUK shares - |
Wednesday, 25 September 2024 |
Scheme Record Date |
Friday, 27 September 2024 |
Scheme of Arrangement Termination Implications for VUK ETOs
According to the terms of the scheme, VUK shares will cease trading after the scheme becomes effective. ASX has consulted ASXCL and has determined to terminate all VUK ETOs contracts by cash settlement at the intrinsic value with the VUK reference price to be ASX closing price for VUK on Wednesday, 25 September 2024.
Option positions held at the close of business on Wednesday, 25 September 2024 will be closed out and cash settled at the intrinsic value. Takers will be credited and writers debited. The intrinsic value method is equivalent to the expiry of the options effectively brought forward to the last day of trading of the underlying security. ASXCL will settle these cash amounts on the next business day – Thursday, 26 September 2024.
Exercise Restriction
An exercise restriction will be placed on VUK ETOs on VUK shares last day of trading on the ASX - Wednesday, 25 September 2024.
Listing Restriction
To mitigate the number of termination in VUK ETO contracts, a listing restriction on VUK ETOs has been placed and no further VUK series will be listed.
What do I need to do by when?
Participants to be aware of the adjustment method ASX VUK ETOs contracts for the proposed Scheme of Arrangement.
Effective Date
A further ASX Notice will be released after the closing of trading on Wednesday, 25 September 2024 outlining the termination prices for VUK ETOs.
Need more information?
Issued by
Greg Fitzpatrick, Senior Manager, Clearing Operations
Contact information
Clearing Operations
clearing@asx.com.au