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.
CYBG Shares were admitted to the premium listing segment of the UKLA Official List and were admitted to trading on the LSE's main market for listed securities (LSE: CYBG). CYBG PLC were also granted admission to the ASX Official List as an ASX foreign exempt listing and CYBG CDIs were quoted on ASX (ASX: CYB).
Following the acquisition of Virgin Money Holdings (UK) plc in 2018, CYBG PLC changed its name to Virgin Money UK PLC and as a result, CYBG Securities now trade on the Australian Securities Exchange (ASX) as VUK CDIs and on the London Stock Exchange (LSE) as VMUK Shares.
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 Virgin Money UK PLC Group (formerly CYBG Group) please visit www.virginmoneyukplc.com/about-us/