- Arbuthnot Banking Group intends to sell around 5.8 million ordinary shares in Secure Trust - about 31.9% of the issued share capital - through a secondary placing to institutional investors.

The sale is expected to be priced at £25 per share which represents a 10.7% discount to the closing price of Secure Trust's ordinary shares yesterday.

The amount of shares sold could increase subject to additional demand being secured.

Assuming completion of the sale, the company's interest in Secure Trust will reduce from 51.9% to approximately 20.0% of Secure Trust's issued share capital and would generate gross proceeds of approximately GBP145 million for Arbuthnot.

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