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BRIEF-National Australia Bank updates on proposed demerger and IPO of CYBG

Published 07/12/2015, 02:50 pm
Updated 07/12/2015, 03:00 pm
© Reuters. BRIEF-National Australia Bank updates on proposed demerger and IPO of CYBG
NAB
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Dec 7 (Reuters) - National Australia Bank Ltd NAB.AX :

* Nab demerger and proposed IPO of cybg

* Is proceeding with the demerger and proposed initial public offering (IPO) to institutional investors of cybg plc

* Sought a tax ruling from ato confirming tax consequences of transaction for nab shareholders who are Australian residents

* Says nab expects the completion of the demerger and IPO of cybg to occur in early February 2016

* Nab directors unanimously recommend nab shareholders vote in favour of all of the proposed resolutions to be considered in relation to the demerger"

* Nab proposes a 75% demerger of cybg to nab shareholders with a proposed divestment of 25% by IPO to institutional investors

* Court ordered meeting of nab's shareholders to be convened to vote on a scheme of arrangement for proposed demerger of cybg

* Source text for Eikon ID:nASX1FBGXh

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