AlRayan Bank: Announcement of Intention to Purchase Minority Shares in UK Subsidiary Al Rayan Bank Plc
Doha, 4 November 2024:
AlRayan Bank QPSC (“MAR”) announces its intention to purchase the stake of Minority Shareholders of 1.66% of the share capital of its UK subsidiary, Al Rayan Bank Plc (formerly Islamic Bank of Britain) (hereinafter referred to as “ARB”), an entity incorporated and registered under the laws of England and licensed by United Kingdom regulatory authorities, subject to Minority Shareholders’ approval (“the Transaction”).
ARB is currently 73.76% and 24.59% owned by MAR and Qatar Holding LLC respectively. The remaining 1.66% of share capital is owned by Minority Shareholders, being retail and corporate investors from UK and other jurisdictions.
ARB has never paid a dividend to shareholders since incorporation and there has been no public dealing facility or material liquidity for Minority Shareholders to trade their ARB shares since ARB’s delisting from the AIM market of the London Stock Exchange in 2011. The Transaction is therefore an exceptional (and the only current) opportunity available to ARB Minority Shareholders as a group to sell their shares and exit their investments in ARB.
The purchase price of 1.25 pence (GBP 0.0125) per share is the result of an independent valuation. The independent directors of ARB’s Board of Directors consider the Transaction to be fair and reasonable and are unanimously recommending that Minority Shareholders vote in favour of the Transaction at the meeting of ARB Minority Shareholders called to consider the Transaction.
The meeting of ARB Minority Shareholders called to consider the Transaction will be held on 20 November 2024 in London, in accordance with applicable local laws and regulations.
Further disclosures will be made in due course upon the progress and execution of the Transaction.
For further details, please refer to ARB’s website www.alrayanbank.co.uk (investor relations section).
The Transaction is subject to English law.
ARB is currently 73.76% and 24.59% owned by MAR and Qatar Holding LLC respectively. The remaining 1.66% of share capital is owned by Minority Shareholders, being retail and corporate investors from UK and other jurisdictions.
ARB has never paid a dividend to shareholders since incorporation and there has been no public dealing facility or material liquidity for Minority Shareholders to trade their ARB shares since ARB’s delisting from the AIM market of the London Stock Exchange in 2011. The Transaction is therefore an exceptional (and the only current) opportunity available to ARB Minority Shareholders as a group to sell their shares and exit their investments in ARB.
The purchase price of 1.25 pence (GBP 0.0125) per share is the result of an independent valuation. The independent directors of ARB’s Board of Directors consider the Transaction to be fair and reasonable and are unanimously recommending that Minority Shareholders vote in favour of the Transaction at the meeting of ARB Minority Shareholders called to consider the Transaction.
The meeting of ARB Minority Shareholders called to consider the Transaction will be held on 20 November 2024 in London, in accordance with applicable local laws and regulations.
Further disclosures will be made in due course upon the progress and execution of the Transaction.
For further details, please refer to ARB’s website www.alrayanbank.co.uk (investor relations section).
The Transaction is subject to English law.