5 June 2018
UK Government Investments Limited (“UKGI”)
Disposal of approximately 7.7% of The Royal Bank of Scotland Group plc
Further to its announcement on 4 June 2018, UKGI announces the successful completion of the disposal of part of HM Treasury's shareholding in The Royal Bank of Scotland Group plc
(the “Company”). The disposal was effected by way of a Placing (the “Placing”) of ordinary
shares (the “Placing Shares”) by way of an accelerated bookbuilding process to institutional
investors.
In summary, following settlement of the Placing which will take place on 7 June 2018:
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The shareholding of HM Treasury will be reduced from 8,434,483,519 ordinary shares, representing approximately 70.1% of the ordinary share capital of the Company, to 7,509,483,519 ordinary shares, representing approximately 62.4% of the ordinary share capital. |
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The placing price was 271 pence per Placing Share. As a result, the proceeds from the sale of the Placing Shares will be £2,506,750,000. |
Citigroup Global Markets Limited, Goldman Sachs International, J.P. Morgan Securities plc (which conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove) and Morgan Stanley & Co. International plc acted as joint bookrunners (the “Bookrunners”) in connection with the Placing.
UKGI and HM Treasury have undertaken to the Bookrunners not to sell further shares in the Company for a period of 90 calendar days following the completion of the Placing without the prior written consent of a majority (by participation) of the Bookrunners.
N M Rothschild & Sons Limited acted as Capital Markets Adviser. Freshfields Bruckhaus Deringer LLP acted as legal counsel to UKGI in respect of English and US law.
Contacts:
UKGI Press Office: Josh Coe, +442072154787
Citigate Dewe Rogerson: +442076389571
Andrew Hey, +447903028448, Toby Moore, +447768981763, Elizabeth Kittle +447720498455