OSB Group PLC – Recent Corporate Actions and Financial Instrument Issuance
1. Fixed‑Rate Reset Perpetual Subordinated Contingent Convertible Securities
On 21 November 2025, OSB Group PLC announced the publication of an offering memorandum for a £150 million issue of Fixed‑Rate Reset Perpetual Subordinated Contingent Convertible (SFRC‑PC) securities. The securities are subordinated and contingent convertible, meaning they convert into equity or are written down under specified circumstances. The fixed‑rate reset feature allows the coupon to be reset at predefined intervals, providing the company with a flexible debt‑equity hybrid instrument. The offering memorandum details the terms, covenants, and conversion conditions applicable to the securities, although the specific coupon rate and reset schedule are not disclosed in the public notice.
2. Share Buy‑Back Programme
2.1. Repurchase on 20 November 2025
OSB Group PLC completed a purchase of 94,177 of its ordinary shares on 20 November 2025. The shares were bought through the London Stock Exchange, CBOE BXE, and CBOE CXE via Citigroup Global Markets Limited. Key transaction details are:
| Item | Value |
|---|---|
| Number of ordinary shares purchased | 94 177 |
| Highest price per share | 543.00 p |
| Lowest price per share | 537.00 p |
| Volume‑weighted average price per share | 540.41 p |
The repurchased shares will be cancelled, reducing the total number of shares in issue to 356 728 939 ordinary shares. This buy‑back is part of the company’s share buy‑back programme announced on 13 March 2025.
2.2. Impact on Capital Structure
The cancellation of shares decreases the share count, potentially increasing earnings per share and tightening the equity base. The buy‑back also signals management’s confidence in the company’s valuation and cash‑flow position.
3. Major Holding by JPMorgan Asset Management
On 20 November 2025, JPMorgan Asset Management Holdings Inc. (through its subsidiary JPMorgan Asset Management (UK) Limited) notified regulators of a new holding in OSB Group PLC. The notification, filed under the TR‑1 form, indicates that the threshold for a “major holding” of voting rights was crossed on 18 November 2025. The filing specifies:
- Issuer: OSB Group PLC (ISIN GB00BLDRH360)
- Notifyor: JPMorgan Asset Management Holdings Inc. (registered office Wilmington, USA)
- Beneficial Owner: JPMorgan Asset Management (UK) Limited (registered office London, UK)
- Date of threshold crossing: 18 November 2025
- Date of notification: 20 November 2025
The exact percentage of voting rights held is not disclosed in the public release. The notification is a statutory requirement under EU securities regulations and confirms that the asset manager has attained a significant stake in the company, which may influence governance and voting dynamics.
4. Contextual Company Profile
OSB Group PLC is a UK‑based financial institution listed on the London Stock Exchange. Its core business includes commercial mortgages, asset finance, retail savings, and loans to non‑bank finance companies secured against mortgage portfolios and leases. As of 19 November 2025, the share price stood at 534.5 p, with a 52‑week high of 574.5 p and a low of 355.8 p. The company’s price‑earnings ratio is 7.87, reflecting its valuation relative to earnings. The recent issuance of SFRC‑PC securities, the share buy‑back, and the new major holding provide insights into the company’s capital structure and shareholder composition as it approaches the end of the fiscal year.
