Our plan with NAB and Clydesdale

We’ll sell the demerged Clydesdale component and take the cash for the benefit of our income portfolio.

Summary: Investors holding NAB shares would have received one CDI in the LSE listed CYBG for every four NAB shares held as a result of NAB's demerger of Clydesdale. We have decided to sell this CYBG holding as it has never been a central reason for investing in NAB, and it looks unlikely to pay a dividend until September 2017. As such, we are happy to take the cash.

Key take out: We have opted to sell the Income First model portfolio’s holdings in CYB, which have come out of NAB’s demerger, and retain the proceeds in cash. We are happy to continue holding an underweight exposure to banks in the portfolio.

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