15th Feb 2016 08:25
LONDON (Alliance News) - National Australia Bank Ltd on Monday said that further shares have been sold as part of the initial public offering of CYBG PLC in London.
CYBG, the owner of the Clydesdale and Yorkshire retail banks in the UK, floated on the main market of the London Stock Exchange earlier this month, marking an exit for its former parent, National Australia Bank.
The offer comprised 219.8 million shares, including a so-called over-allotment option. On Monday, it was confirmed that the over-allotment option over 28.7 million shares was exercised by Morgan Stanley, the stabilisation manager on the IPO. That completed the offer of the shares available in the float, which made up a 25% take in the lender. The remaining 75% was passed to existing shareholders in NAB as part of a demerger.
Shares in CYBG were down 1.8% at 181.75 pence early on Monday, still ahead of the 180.00p pricing of the offering.
"Despite significant market volatility following the IPO, no stabilisation activity has been undertaken by the stabilisation manager during 16 trading sessions across the London Stock Exchange and Australian Securities Exchange," NAB said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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