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Standard Chartered plans court proceedings to set benchmark for preference shares
By Wendy Van Sickle
Columbus, Ohio, March 27 – Standard Chartered plc plans to commence proceedings in the High Court of Justice of England and Wales to seek a binding declaration on the use of an alternative benchmark rate to calculate the dividend rate payable on its 6.409% non-cumulative redeemable preference shares, according to a notice.
On Jan. 4, 2023, the company announced a proposal to transition the dividend rate to be based on compounded SOFR from three-month U.S. dollar Libor had not been approved and would not be implemented. From the period starting July 31, 2023, it has been using the three-month synthetic U.S. dollar Libor, the publication of which is due to cease starting Sept. 30, 2024.
Standard Chartered said it expects to begin court proceedings around April 10 and plans to request they be heard on an expedited basis in hopes of providing investors with clarity on the dividend rate.
The banking and financial services company is based in London.
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