NAB scoops £396m from Clydesdale flotation as last of shares go
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National Australia Bank no longer has any shares in Glasgow-based Clydesdale Bank after sale manager Morgan Stanley exercised an over-allotment option.
NAB had granted the option in respect of 28,673,323 ordinary shares at the offer price of 180 pence per ordinary share, worth £52m in total.
The final sale means NAB has raised a total of £396 million from the flotation of Clydesdale and Yorkshire banks as CYBG.
The bank sold 25 per cent of the shares in Glasgow-based CYBG to institutions, in an exercise that valued the lender at £1.6 billion.
The remainder were allotted to shareholders in the Australian group.
The use of the option afford to Morgan Stanley indicated it had not needed to buy any shares in CYBG to stabilise the price after the company floated on the stock market on February 3.
Shares in CYBG closed down 2p, at 183p, on the London Stock Exchange yesterday.
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