#612927
Postby Borderline » September 3rd, 2023, 3:50 pm
By way of background SANB and SAN were both issued by Abbey National Plc in 1997 before the take over by Santander in 2004.
The prospectuses can be easily found on Google but are a bit buried in the Santander site.
I’ve had a dig around in my files and found some info I downloaded when the “associated tax credit” was an issue and updated it.
It may help, but then again it may not.
[a favourite quote of my dear departed Mother in Law]
Santander UK plc Sterling Preference shares
What are the dividends on the Santander UK plc Sterling Preference Shares?
There are two series of Santander UK plc Sterling preference shares in issue: 10.375% and 8.625%. The cash dividend is paid net of the "associated tax credit" which is available to individuals who are UK tax residents. Under current law the cash dividend is: 9.3375% and 7.7625%.
What is the maturity date?
Each series of preference shares is perpetual. Santander UK plc does not have any rights to redeem the preference shares, but it does have the authority by way of shareholders' resolution to repurchase them provided that the Financial Services Authority agrees to this at the time of repurchase.
From 2019 notice of the AGM [although this has been standard for many years]:
Santander UK plc - Notice of AGM
1 May 2019
NOTICE IS HEREBY GIVEN that the 2019 Annual General Meeting (“AGM”) of the Company will be held at 2 Triton Square, Regent’s Place, London, NW1 3AN on 2 May 2019 at 10.00 a.m. to consider and, if thought fit, to pass the resolutions set out below:
Special Resolutions
7. THAT the Company be authorised, without conditions, to buy back its own 85/8% preference shares. The following terms apply:
(a) The Company may buy back up to 125,000,000 85/8% preference shares;
(b) The lowest price which the Company can pay for 85/8% preference shares is 75% of the average of the market values of the preference shares for five business days before the purchase is made; and
(c) The highest price (not including expenses) which the Company can pay for each 85/8% preference share is 125% of the average of the market values of the preference shares for five business days before the purchase is made.
This authority shall begin on the date of the passing of this resolution and end on the conclusion of the next Annual General Meeting of the Company. The Company may agree, before this authorisation ends, to buy back its own 85/8% preference shares even though the purchase may be completed after this authorisation ends.
8. THAT the Company be authorised, without conditions, to buy back its own 103/8% preference shares. The following terms apply:
(a) The Company may buy up to 200,000,000 103/8% preference shares;
[Same terms as above]
And from the Articles of Association:
The following is a summary of the Articles of Association (the ‘Articles’) of Santander UK plc (the ‘Company’ or ‘Santander UK’).
Santander UK is a public company registered in England and Wales, registered number 2294747. The Articles do not specifically state or limit the objects of the Company which are therefore unrestricted.
Subject to the provisions of the UK Companies Act 2006, all or any of the rights attached to any class of shares (whether or not the Company is being wound up) may be varied with the consent in writing of the holders of not less than three-fourths in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate general meeting of the holders of those shares. Additional quorum and voting requirements apply to such meeting.