Barclays 2012 Annual Report Download - page 313

The strategic report Governance Risk review Financial review Financial statements Risk management Shareholder information
45 Financial risks, liquidity and capital management
To improve transparency and ease of reference, by concentrating related information in one place, and to reduce duplication, disclosures required
under IFRS relating to financial risks and capital resources have been included within the Risk management and governance section as follows:
 credit risk, on pages 116-154;
 market risk, on pages 155-161;
 capital risk, on pages 162-171; and
 liquidity risk, on pages 172-186.
46 Events after the balance sheet date
Strategic Review
On 12 February 2013, Barclays announced the outcome of its Strategic Review and set out certain commitments based on the results of the
review. The commitments are expected to result in:
 a restructuring charge of approximately £500m in the first quarter of 2013 relating to a reduction in headcount across the Group; and
 costs associated with implementing the strategic plan of approximately £1bn in 2013, £1bn in 2014 and £0.7bn in 2015.
Further information on the strategic review commitments is given on page 12.
Exercise of Warrants
On 13 February 2013, Barclays PLC and Barclays Bank PLC entered into an agreement with Deutsche Bank AG and Goldman Sachs International
(the Warrantholders) pursuant to which the Warrantholders agreed to exercise in aggregate 379,218,809 outstanding warrants, constituted
by a warrant deed poll dated 31 October 2008 (the Warrants), to subscribe for an equivalent number of new ordinary shares in Barclays PLC.
As a consequence of this agreement no other Warrants will remain outstanding.
As a consequence of the exercise of the Warrants, Barclays PLC received £750 million of Core Tier 1 equity capital, equivalent to an additional
pro forma 19bps on its full year 2012 Core Tier 1 Ratio of 10.9%.
Conditional upon receipt of this amount, Barclays PLC agreed to contribute such amount to the capital of Barclays Bank PLC. As a result,
Barclays Bank PLC received a net £743.7 million of Core Tier 1 equity capital.
The transaction involved the payment of an aggregate £6.3 million Warrant Exercise Payment by Barclays Bank PLC to the Warrantholders,
in respect of the early exercise of the Warrants.
barclays.com/annualreport Barclays PLC Annual Report 2012 I 311