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Charter Court, OSB In Advanced Talks Regarding Possible All-stock Merger

The Boards of Charter Court Financial Services Group plc and OneSavings Bank plc or OSB confirmed that they are in advanced discussions regarding a possible all-share combination of the two companies. Under the proposed terms, OSB would acquire all the issued and to be issued ordinary share capital of Charter Court on the basis of an exchange ratio of 0.8253 new OSB shares for each Charter Court share. On the basis, on completion of the possible combination, OSB shareholders would hold approximately 55% and Charter Court shareholders would hold approximately 45%1 of the combined group. Andy Golding, currently CEO of OSB, will become CEO of the combined group.

The companies noted that, subject to the successful outcome of ongoing discussions, the Boards of OSB and Charter Court expect to recommend the possible combination to their respective shareholders.

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