Existing Tier 2 Notes Refinancing: a written resolution has been passed by the holders of Metro Bank’s £250,000,000 Fixed Rate Reset Callable Subordinated Notes due 2028 (ISIN: XS1844097987) (the “Existing Tier 2 Notes”) to amend the trust deed constituting the Existing Tier 2 Notes in order to modify, subject to satisfaction of certain conditions (as more fully described below), the terms and conditions of the Existing Tier 2 Notes such that redemption of the Existing Tier 2 Notes will be effected on the Settlement Date by way of delivery, to, or to the account of, the holders thereof, of (i) £600 in principal amount of New 2034 Tier 2 Notes to be issued by the Company for each £1,000 in principal amount of Existing Tier 2 Notes held by each holder and (ii) the Accrued Interest Amount in cash (save that if a holder fails to deliver the required output instruction and/or would be eligible to receive an aggregate principal amount of New 2034 Tier 2 Notes of less than £100,000 or that is not an integral multiple of £1,000, the entitlement or fractional entitlement, as the case may be, to the New 2034 Tier 2 Notes will be delivered instead to a holding period trustee to hold, or, in some circumstances dispose of, such New 2034 Tier 2 Notes on behalf of the relevant holder). This effective exchange will result in an increase to the Group’s CET1 capital of £100 million (the “New Tier 2 Notes Issuance”);
As clear as mud to me what, in practical terms, "New 2034 Tier 2 Notes will be delivered instead to a holding period trustee to hold, or, in some circumstances dispose of, such New 2034 Tier 2 Notes on behalf of the relevant holder" means. Anyone know?