Royal Bank of Scotland Group PLC Redemption of USD Preference Shares Series R and T (1087I)
25 August 2016 - 4:02PM
UK Regulatory
TIDMRBS
RNS Number : 1087I
Royal Bank of Scotland Group PLC
25 August 2016
THE ROYAL BANK OF SCOTLAND GROUP PLC
Redemption of American Depositary Shares Representing
Non-Cumulative USD Preference Shares Series R and T
24 August 2016
The Royal Bank of Scotland Group plc ("RBSG") has given notice
to holders of the redemption on 23 September 2016 (the "Redemption
Date"), in whole, of the following series of Non-cumulative USD
Preference Shares and the corresponding series of American
Depositary Shares ("ADSs"):
(i) Non-cumulative USD Preference Shares, Series R (ADS CUSIP:
780097747 ADS ISIN: US7800977479), amount outstanding
US$254,098,300 (the "Series R preference shares"); and
(ii) Non-cumulative USD Preference Shares, Series T (ADS CUSIP:
780097713; ADS ISIN: US7800977131), amount outstanding
US$1,281,145,975 (the "Series T preference shares", and together
with the Series R preference shares, the "Preference Shares"),
at the redemption price, with respect to each series of
Preference Shares and the corresponding series of ADSs, of US$25.00
per Preference Share and per ADS plus (i) with respect to the
Series R preference shares, accrued dividends for the current
dividend period to, and including, the Redemption Date, which
dividend shall equal $0.361545 per Series R preference share and
(ii) with respect to the Series T preference shares, accrued
dividends for the current dividend period to, but excluding, the
Redemption Date, which dividend shall equal $0.422916 per Series T
preference share. The Preference Shares will cease to accrue
dividends and shall be cancelled and all unmatured dividend coupons
and talons (if any) shall become void for any purpose, as from the
Redemption Date.
The redemption amount with respect to each series of Preference
Shares shall be paid out of distributable reserves of RBSG.
Approximately $1.535 billion of the Preference Shares are expected
to be redeemed, reducing RBSG's retained earnings and distributable
items by approximately GBP1.16 billion. Common Equity Tier 1
Capital will be reduced by approximately GBP0.4 billion reflecting
the foreign exchange loss since the Preference Shares were
issued.
On the Redemption Date, the depositary for the American
depositary receipts evidencing the ADSs will redeem the number of
ADSs corresponding to the relevant Preference Shares being redeemed
at a price per ADS equal to the per share amount received by the
depositary upon redemption of the relevant Preference Shares. As
from the Redemption Date, the holders of the ADSs representing each
series of Preference Shares will, upon surrender of the ADSs, be
entitled to receive funds deposited with The Bank of New York
Mellon as depositary with respect to the Preference Shares of that
series, without interest. The ADSs will cease to trade on the New
York Stock Exchange from the Redemption Date.
Holders of the ADSs should read the notice relating to the
redemption of the relevant series of Preference Shares and Letter
of Transmittal included in such notice for information on the
actions that they need to undertake to receive the redemption
proceeds.
For further information and copies of the notices and Letters of
Transmittal, please contact:
The Bank of New York Mellon (depositary) at telephone number 1
866 241 9317; international callers may telephone +001 201 680
6825.
The Royal Bank of Scotland Group plc:
RBS Investor Relations
Matthew Richardson
Head of Debt Investor Relations
Tel: +44 (0) 20 7678 1800
This announcement contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements that include the words
"intends", "expects", "anticipates", "targets", "plans",
"estimates" and words of similar import. These statements concern
or may affect future matters, such as RBSG's future economic
results, business plans and current strategies. Forward-looking
statements are subject to a number of risks and uncertainties that
might cause actual results and performance to differ materially
from any expected future results or performance expressed or
implied by the forward-looking statements. Factors that could cause
or contribute to differences in current expectations include, but
are not limited to, legislative, political, fiscal and regulatory
developments, competitive conditions, technological developments,
exchange rate fluctuations and general economic conditions. These
and other factors, risks and uncertainties that may impact any
forward-looking statement or RBSG's actual results are discussed in
RBSG's results and materials filed with, or furnished to, the US
Securities and Exchange Commission, including, but not limited to,
RBSG's most recent Reports on Form 6-K, including the financial
results for the period ended June 30, 2016 and 2015 Annual Report
on Form 20-F. The forward-looking statements contained in this
announcement speak only as of the date of this announcement and
RBSG does not assume or undertake any obligation or responsibility
to update any of the forward-looking statements contained in this
announcement, whether as a result of new information, future events
or otherwise, except to the extent legally required.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUBCRUPQUAA
(END) Dow Jones Newswires
August 25, 2016 02:02 ET (06:02 GMT)
Natwest (LSE:NWG)
Historical Stock Chart
From Apr 2024 to May 2024
Natwest (LSE:NWG)
Historical Stock Chart
From May 2023 to May 2024