Ann: Recommended all share offer for Virgin Money, page-2

CYB's Underlying Profit Before Tax in FY2017 was 293m pounds, and Virgin Money's (VM) was 270m pounds, suggesting at first glance that a 42%:38% (CYB:VM)merger ratio appears to be fair and reasonable for both sets of shareholders.

Besides the added scale and the improved capital metrics of the merged group, the notable thing about this merger is the 120m pounds of synergies on offer.

In the context of some 560m pounds of Pre-Tax Profits,120m pounds of uplift - before any organic growth - is very meaningful.

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