The scheme of arrangement entailing CYBG PLC's offer for Virgin Money Holdings (UK) PLC's entire issued and to-be-issued share capital became effective Oct. 15, the companies said the same day.

It came after the High Court of Justice in England and Wales sanctioned the scheme Oct. 12.

The two companies reached in June the approximately £1.7 billion deal, under which Virgin Money shareholders will get 1.2125 new CYBG shares for each Virgin Money share they hold.

Applications have been made to the U.K. Listing Authority and the London Stock Exchange in relation to the admission of 540,856,644 new CYBG shares to listing and the cancellation of Virgin Money's listing.

Virgin Money said the resignations of Chair Irene Dorner, CEO Jayne-Anne Gadhia and CFO Peter Bole also became effective. Norman McLuskie, Colin Keogh, Geeta Gopalan, Eva Eisenschimmel, Darren Pope, Patrick McCall and Amy Stirling also stepped down from Virgin Money's board.

Dorner, Gadhia, Bole, Eisenschimmel, Keogh, McLuskie and Marian Martin also left the board of Virgin Money unit Virgin Money PLC, while Jim Pettigrew, David Duffy, Ian Smith, Clive Adamson, David Bennett, Paul Coby, Debbie Crosbie, Adrian Grace, Fiona MacLeod, Teresa Robson-Capps, Amy Stirling and Tim Wade joined the board.