Manchester Building Society Manchester Building Society's 2016 Interim Results (8723G)
11 Agosto 2016 - 8:01AM
UK Regulatory
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RNS Number : 8723G
Manchester Building Society
11 August 2016
This announcement contains inside information
11 August 2016 07:00
Manchester Building Society's 2016 Interim Results
The Directors of Manchester Building Society (the "Society")
announce that the Society is in the process of preparing its
accounts for the 6 months ended 30 June 2016 and plan to issue them
before the end of September.
The Directors expect that the accounts will show that there will
be a loss for the 6 months. This is largely due to professional
costs incurred in exploring options to secure the future of the
Society given its Common Equity Tier 1 ("CET1") regulatory capital
position and the ongoing run-off of the balance sheet. In addition,
the Society has continued to incur costs in pursuing its claim
against Grant Thornton LLP, the Society's previous external
auditors.
The Directors expect that as at 30 June 2016 the Society will
have met its Individual Capital Guidance ("ICG") set by the
Prudential Regulation Authority but will not meet the qualitative
standards for the level of CET1 regulatory capital.
In such circumstances, article 141(3) of the Capital
Requirements Directive IV, as a capital conservation measure,
prohibits a distribution in connection with CET1 capital and
Additional Tier 1 instruments. This would prohibit the payment of
interest on both tranches of the Society's Permanent Interest
Bearing Shares ("PIBS").
As a result, the Directors expect that the PIBS coupons,
scheduled to be paid in October this year, will not be paid.
The Society's liquidity position remains strong.
The person responsible for arranging the release of this
announcement on behalf of Manchester Building Society is
Christopher Gee, Society Secretary.
Enquiries
Andy Donald - Maitland
020 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
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