Clydesdale IPO, page-2

From what I had a quick look at you will be given a choice to have CYBG shares on the LSE of have them as CHESS Depositary Interests (CDIs). The CDI will be the default option if you do nothing.
2000 shares or less you will be paid out for entitlement.
I may be wrong but that is how I see it on a quick read.

From one on the announcements.

Demerger of 75% of CYBG shares to eligible NAB shareholders
- ratio of 1 CYBG security for every 4 NAB shares held

 Proposed sale of up to 25% of CYBG by IPO to institutional investors,
creating additional liquidity on the LSE

 Demerger and proposed LSE listing is not conditional on IPO

 Proposed primary listing on LSE with ASX listing through fully fungible
CHESS Depositary Interests (CDIs)

o CDIs expected to qualify for ASX100 inclusion at Demerger
o CYBG shares and CDIs expected to qualify for FTSE 250 inclusion in
June 2016 re-balance

 Share sale facility available for NAB shareholders with 2,000 NAB shares or
less
NAB seeking a tax ruling from the ATO confirming the Australian tax
consequences of the transaction for Australian residents who hold NAB
shares on capital account

 On the basis of these discussions, subject to final ruling, we expect:

o Distributions not expected to be ‘assessable dividends’

o No CGT rollover relief. Shareholders selling in first 12 months from
Demerger date will not be entitled to CGT discount

o Cost base of NAB shares will be reduced by value of CYBG distribution