Bondholders poised to seize control of Co-operative Bank Under this alternative plan, the bank would still be listed on the London Stock Exchange, though the BBC reported that the parent group's share in the listed lender would be less than the 50pc required to retain a majority stake, leaving the bondholders - which include pension funds - in control. The BBC stressed that any revised plan had not been formally agreed, but said an official announcement was likely to come next Monday A spokesman for the Co-op declined to comment on the reported restructuring details, but in a statement, the group said the final restructuring plan would likely be "materially different" to original proposals. We have been engaging with different bondholder constituencies and seeking to balance the requirements and expectations of these parties. We currently expect that many elements of any recapitalisation plan will be materially different to the outline provided on 17 June 2013, whilst still meeting the additional £1.5bn Common Equity Tier 1 capital requirement," it said. In a separate announcement, the Co-operative Group said it faced £100m of extra costs due to provisions for PPI and other charges. Despite the increase in provisions, the Co-op said the Prudential Regulation Authority had confirmed to its banking arm that that the capital injection needed by the bank to fill a black hole in its balance sheet would not need to be increased from the current level of £1.5bn. Last month, the group bowed to pressure from bondholders to consider alternative ways to meet a £1.5bn shortfall in its banking arm Niall Booker, the chief executive of Co-op Bank, along with the lender's chairman Richard Pym had led a group of non-executive directors charged with exploring alternatives to the current capital raising plan.