a9163l
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
April
24, 2024
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
EXHIBIT
INDEX
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
BARCLAYS
PLC
|
|
(Registrant)
|
Date:
April 24, 2024
|
By: /s/
Garth Wright
--------------------------------
|
|
Garth
Wright
|
|
Assistant
Secretary
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Exhibit
No. 1
24 April 2024
Barclays PLC
Disposal of Italian mortgage portfolio
Barclays PLC ("Barclays") today announces a transaction under which
Barclays Bank Ireland PLC ("Barclays Europe") intends to dispose of
its performing Italian mortgage portfolio (the "Portfolio"). The
transaction is expected to be financed via a securitisation. Funds
and accounts managed by GoldenTree Asset Management LP
("GoldenTree") have entered into a commitment letter under which
they will purchase certain notes to be issued by a newly
incorporated entity, Miltonia Mortgage Finance S.r.l. ("Miltonia"),
to which the Portfolio is expected to be transferred. Upon
completion, the Barclays group will hold the most senior class of
notes to be issued by Miltonia in addition to the percentage of
notes it is required to retain to comply with its regulatory risk
retention obligations.
The transaction values the Portfolio at approximately €3.3
billion: as a result of the proposed securitisation, Barclays will
receive cash proceeds of approximately €400 million,
including a small deferred consideration element paid from cashflow
generated from the Portfolio, in addition to the most senior class
of notes referred to above. The consideration will be used for
general corporate purposes. Subject to satisfaction of certain
conditions and finalisation of the transaction documentation,
settlement of the consideration and completion of the sale is
expected to occur during Q2 2024.
Upon completion, the Portfolio will continue to be serviced by
Barclays Europe for a transitional period. At the end of this
period, it is intended that servicing of the Portfolio will be
transferred to a third-party long-term servicer.
The gross asset value of the Portfolio is expected to be
approximately €3.5 billion at completion, and the Portfolio
generated a pre-tax loss of €(20) million in the year to 31
December 2023.
As previously disclosed during the Barclays investor update in
February 2024, the transaction is in line with Barclays' ambition
to simplify Barclays and support its focus on growing its key
businesses. The transaction is not expected to impact the planned
financial distributions of Barclays.
The transaction is expected to generate a pre-tax loss of
approximately €(260) million1 for
the year to 31 December 2024, and release approximately
€0.9 billion
of risk-weighted assets at completion. The Portfolio represents the
majority of Barclays' overall Italian retail mortgage book
and the
transaction is expected to be broadly neutral to Barclays' CET1
ratio2.
Barclays will provide a further update in due course, as
appropriate.
In addition, Barclays is in discussion with certain third parties
in respect of the potential disposal of the remaining
non-performing and Swiss-Franc linked Italian retail mortgage
portfolios. Should such transactions occur, they are together
expected to generate a small pre-tax loss on completion, but also
be broadly neutral to Barclays' CET1 ratio2.
Notes:
1.
The incremental pre-tax loss of approximately €(260) million
includes directly attributable costs expected to be incurred and
other accounting impacts to be crystallised by the
transaction.
2.
Based on Barclays' CET1 ratio as at 31 December 2023.
- Ends -
For further information, please contact:
Investor Relations Media
Relations
Marina
Shchukina
Tom Sullivan
+44 (0) 7385 142
673
+44 (0) 7796706678
About Barclays
Our vision is to be the UK-centred leader in global finance. We are
a diversified bank with comprehensive UK consumer, corporate and
wealth and private banking franchises, a leading investment bank
and a strong, specialist US consumer bank. Through these five
divisions, we are working together for a better financial future
for our customers, clients and communities.
Forward-looking statements
This announcement contains forward-looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934,
as amended, and Section 27A of the US Securities Act of 1933, as
amended, with respect to the Barclays Group. Barclays cautions
readers that no forward-looking statement is a guarantee of future
performance and that actual results or other financial condition or
performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can
be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as 'may', 'will', 'seek', 'continue', 'aim',
'anticipate', 'target', 'projected', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. Forward-looking statements are based on the
current beliefs and expectations of Barclays' directors,
officers and employees and
are subject to significant risks and uncertainties. Actual outcomes
may differ materially from those expressed in the forward-looking
statements. Factors that could impact the Barclays Group's future
financial condition and performance are identified in the Barclays
PLC's filings with the US Securities and Exchange Commission
("SEC") (including, without limitation, Barclays PLC's Annual
Report on Form 20-F for the fiscal year ended 31 December 2023,
which is available on the SEC's website at www.sec.gov).
Subject to Barclays' obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without
limitation, the UK and the US), in relation to disclosure and
ongoing information, Barclays undertakes no obligation to update
publicly or revise any forward-looking statements, whether as a
result of new information, future events or
otherwise.