Date: 2013-07-31

TSB Broke Their Word in Practising XAB's EDR

When TSB acquired XAB in Jan. 17 2006, they had promised to help XAB finish their EDR(Equity Division Reform) through a mutual benefital solution. But in the course of the just ended XAB's EDR, what we can see is the fact that TSB had broken their word and adopted an unfair reform solution.

In the EDR, every float shareholders were given certain amount of float based on the distribution rule that every 10 holding float get another 3.4 float. After the float distribution which is financed by capital surplus, all previous non-float shares become floatable. However, the consideration stipulated in the distribution rule is far lower than the average level. Obviously, the EDR failed to take into account the interest of XAB's float shareholders. It is by no means a fair EDR solution.

At present, former float shareholders of XAB began to question the credit of TSB.

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