ONE Savings Bank PLC: Changes to share capital and constitution

19.May 2014 at 08:00:00 CET

19th May 2014: For immediate release

OneSavings Bank Plc

Changes to share capital and constitution

OneSavings Bank plc ("OSB"), the specialist lending and retail savings group, today announces the following changes in its share capital and constitution.

Further to OSB's announcement on 28 April 2014 regarding approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) for the change of control, OSB Holdco converted all of its B Preference Shares into B Ordinary shares on 14 May 2014.

On 15 May 2014, OSB Holdco Limited purchased all of the 1,000 E Ordinary Shares of OSB of 150.00 each in issue, pursuant to an agreement between OSB Holdco and the holders of all the E Shares, dated 12 May 2014.

OSB also announced on 2 May 2014 that a General Meeting would be held on 19 May 2014 (the "General Meeting"), to pass a resolution, among other matters, to adopt new articles of association. This resolution was duly passed.

The other purpose of the General Meeting was to seek shareholders' approval to effect a share capital re-organisation in order that OSB had only one class of ordinary shares.

The net effect of the changes in OSB's share capital outlined above is that OSB Holdco Limited now holds 99.69% of the ordinary share capital and voting rights and KRPS holds 0.31% of the ordinary share capital and voting rights of OSB.


OneSavings Bank plc  
Alastair Pate, Head of Marketing t: 01634 838973
Zoe Bucknell, General Counsel and Company Secretary t: 01634 835788
Brunswick t: 020 7404 5959
Michael Harrison / Robin Wrench / Craig Breheny / Simone Selzer  
Notes to Editors  
OneSavings Bank plc  

OneSavings Bank plc ('OSB') began trading as a bank on 1 February 2011 when the trade and assets of Kent Reliance Building Society ('KRBS') were transferred into the business. OSB is a specialist lending and retail savings group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
OSB focuses on selected sub-sectors of the lending market in which it has established expertise, platforms and capabilities, and where opportunities have been identified for both high returns on a risk-adjusted basis and strong growth. These include Residential Mortgages (comprising first charge, second charge and shared ownership), Buy-to-Let/SME and Personal Loans. OSB originates organically through specialist brokers and independent financial advisors.

OSB is predominantly funded by retail savings originated through the established Kent Reliance franchise, which includes a network of branches in the South East of England, as well as online and postal channels. Diversification of funding is currently provided by a securitisation and OSB joined the Funding for Lending Scheme in early 2014.