On 8 February 2016, NAB exited its investment in CYBG Group, a UK based banking group, by demerging 75% of the CYBG Shares to NAB Shareholders. The remaining CYBG Shares were divested by NAB under an institutional offer.
The result of the Demerger and the institutional offer is that CYBG Group now operates its business separately from NAB. CYBG PLC, which has become the holding company of the CYBG Group, is a publicly listed company with its head office in Glasgow and listings in the UK and Australia.
CYBG Shares have been admitted to the premium listing segment of the UKLA Official List and have been admitted to trading on the LSE's main market for listed securities (LSE: CYBG). CYBG PLC has also been granted admission to the ASX Official List as an ASX foreign exempt listing and CYBG CDIs are quoted on ASX (ASX: CYB).
A summary of the key aspects of the Demerger, including the tax implications of the Demerger for NAB Shareholders and a copy of the Australian Tax Office Class Ruling CR 2016/13 (PDF,122KB), are set out below.
For further information on the Demerger refer to the Scheme Booklet ( PDF, 13MB) released by NAB dated 7 December 2015.
For information on CYBG Group please visit www.cybg.com