10th May 2005 14:58
Royal Bank of Scotland Group PLC10 May 2005 THE ROYAL BANK OF SCOTLAND GROUP PLANS US DOLLAR PREFERENCE SHARE ISSUE 10th May 2005 Following the redemption of the Series 2 US Dollar Stock Settled preferenceshares on 31st March 2005, The Royal Bank of Scotland Group plc ("the Group") ispleased to announce that it intends to issue Category II Non-cumulative DollarPreference Shares to be designated Series N ("the Series N Dollar PreferenceShares"), which will be issued in the form of American Depositary Receipts ("theSeries N ADRs") in the United States, at a subscription price of US$25.00 pershare. The Series N Preference Shares will be issued under a Form F-3 ShelfRegistration Statement which the Group has filed with the Securities andExchange Commission, Washington, D.C. and which provides for the offer and salefrom time to time of, among other things the Group's dollar preference shares. Application will be made to list the Series N ADRs on the New York StockExchange. The Series N Preference Shares are expected to qualify as Tier Onecapital. The Group is being advised in connection with the issue by Merrill Lynch & Cowho are also acting with Citigroup Global Markets, Inc, Morgan Stanley, RBSGreenwich Capital, UBS Securities LLC, and Wachovia Securities as managers. The proceeds of the issue of the Series N Preference Shares will be used tofurther strengthen the Group's capital base and for general corporate purposes. This announcement shall not constitute an offer to sell or the solicitation ofan offer to buy, nor shall there be any sale of the Series N Preference Sharesin any State of the US in which such offer, solicitation or sale would beunlawful prior to the registration or qualification under the Securities Laws ofany such State. Further, no Series N Preference Shares will be offered to thepublic in the UK. For further information, please contact; The Royal Bank of Scotland Group plcFred Watt Ron Huggett Group Finance Director Capital Raising Director 42 St Andrew Square 280 Bishopsgate Edinburgh London EH2 2YE EC2M 4RB Tel: 0131 523 5171 Tel: 020 7085 4925 Siddharth Prasad Managing Director Merrill Lynch International 2 King Edward Street Canary Wharf London EC1A 1HQ Tel: 020 7996 5320 Stabilisation FSA This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RBS.L