NBSR Newcastle 125/8

 

TIDMNBSR 
 
RNS Number : 6294L 
Newcastle Building Society 
10 May 2010 
 

 
 
 
 
+------------------------------+------------------------------+ 
| PRESS RELEASE                |                  10 May 2010 | 
+------------------------------+------------------------------+ 
 
          Newcastle Building Society - Completion of Capital Agreement 
 
On 15 April 2010, Newcastle Building Society (the "Society") announced that it 
had reached an agreement with holders of certain classes of the Society's 
existing subordinated debt and permanent interest bearing shares which would 
lead to a material strengthening of the Society's capital position (the "Capital 
Agreement"). 
 
The Society announces that, following the passing of a resolution to approve the 
necessary amendments to the terms of the GBP11 million 6.375% fixed rate 
subordinated notes due 2015, completion of the Capital Agreement has now taken 
place. 
 
As a result of the Capital Agreement, in addition to the GBP179 million of core 
tier 1 capital held by the Society as at 31 December 2009, the Society now also 
has GBP46 million of contingent core tier 1 capital (such contingent core tier 1 
capital being equivalent to 2.2% of the Society's risk weighted assets).  As at 
31 December 2009, the Society had a core tier 1 capital ratio of 8.7% (up from 
7.8% at the prior year end).  The Capital Agreement has therefore further 
strengthened the Society's capital position, providing 2.2% of contingent core 
tier 1 capital in addition to the existing 8.7% core tier 1 capital ratio as at 
31 December 2009. 
 
For more information contact: 
 
Newcastle Building Society 
 
+------------------------------+----------------------------+ 
| Natalie Falkous              | Richard Hall               | 
| Group Corporate              | Communications Assistant   | 
| Communications Manager       |                            | 
+------------------------------+----------------------------+ 
| Newcastle Building Society   | Newcastle Building Society | 
+------------------------------+----------------------------+ 
| 0191 244 2024                | 0191 244 1522              | 
+------------------------------+----------------------------+ 
| 07917388329                  |                            | 
+------------------------------+----------------------------+ 
 
+-------------------------------+----------------------------+ 
| National Media Enquiries      |                            | 
+-------------------------------+----------------------------+ 
| The Wriglesworth Consultancy  |                            | 
+-------------------------------+----------------------------+ 
| John Wriglesworth             |                            | 
| 07774988275                   |                            | 
| Or                            |                            | 
| Emma Bowden                   |                            | 
| 020 7427 1400                 |                            | 
+-------------------------------+----------------------------+ 
 
Notes: 
 
·       The instruments subject to the Capital Agreement are: 
-       the GBP11 million 6.375% fixed rate subordinated notes due 2015 (ISIN: 
XS0227704037); 
-       the GBP25 million 6.19% fixed rate subordinated loan due 2017; and 
-       the GBP10 million 12% permanent interest bearing shares. 
·       For more details on the Capital Agreement, please refer to the 
announcement made by the Society on 15 April 2010. 
 
This announcement, including information included or incorporated by reference 
in this announcement, may contain "forward-looking statements" concerning the 
Society.  Generally, the words "will", "may", "should", "could", "would", "can", 
"continue", "opportunity", "believes", "expects", "intends", "anticipates", 
"estimates" or similar expressions identify forward-looking statements.  The 
forward-looking statements involve risks and uncertainties that could cause 
actual results to differ materially from those expressed in the forward-looking 
statements.  Many of these risks and uncertainties relate to factors that are 
beyond the Society's ability to control or estimate precisely, such as future 
market conditions and the behaviours of other market participants, and therefore 
undue reliance should not be placed on such statements.  The Society assumes no 
obligation and does not intend to update these forward-looking statements, 
except as required pursuant to applicable law. 
 
This announcement is only being distributed to and is only directed at (i) 
investment professionals falling within Article 19(5) of the Financial Services 
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) to 
high net worth entities and other persons to whom it may lawfully be 
communicated, falling within Article 49(2)(a) of the Order; or (iii) persons 
falling with Article 43(2) of the Order (all such persons in (i), (ii) and (iii) 
above together being referred to as "relevant persons").  Any investment or 
investment activity to which this announcement relates is available only to 
relevant persons and will be engaged in only with relevant persons.  This 
announcement must not be acted on or relied on by persons who are not relevant 
persons. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCUROARRWAVAAR 
 

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