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Robyn Hall
Just Retirement is going on the road over the next few months. This seminar is in London.
Area Sales Manager - Financial Services - London
North London
Mortgage Consultant / Mortgage Adviser - Fulham
South London
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RBS becomes the people's bank
28 November, 2008
The Royal Bank of Scotland (RBS) today announced that only 0.24% of the shares it was offering to existing shareholders had been taken up, and that as a result HM Treasury will be taking the balance, leaving it with 57.9% of the enlarged share capital.
The low level of take up was expected, as the shares were latterly trading at 55p compared to the offer price of 65p. In fact it is surprising that anyone took up the offer as they could have bought shares in the open market for less.
The government, which will own 22,853,798,818 shares, will be paying out just under £15 bn for the privelige. In addition they will also be buying £5 bn worth of preference shares.
Presumably as part of the package, RBS, and Natwest which it owns, announced last week that they would be guaranteeing overdraft rates and facilities to business for at least the next year.
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