Government announces trading plan to continue sell down of NatWest Group shareholding
The government intends to sell part of its shareholding in NatWest Group plc (formerly the Royal Bank of Scotland Group plc) through a trading plan, it was announced today (22 July).
The trading plan will run for 12 months, with sales commencing on 12 August 2021 at the earliest and terminating no later than 11 August 2022.
Following two share sales earlier this year, the government has a 54.7% shareholding in NatWest Group. The implementation of a trading plan represents continued progress towards the government’s plan to return this shareholding, acquired as a result of the 2007-2008 financial crisis, to private ownership.
A trading plan involves selling shares in the market through an appointed broker in an orderly way at market prices over the duration of the plan. Shares will only be sold at a price that represents value for money for taxpayers. There is cap on the total number of shares that could be sold of 15% of the total number of NatWest Group shares being traded in the market over the 12 month duration of the plan. The final number of shares sold will depend on, amongst other factors, the share price and market conditions throughout its duration.
The trading plan has been authorised by the Chancellor on the basis of advice from UK Government Investments (UKGI). UKGI and HM Treasury will keep other sale options open, including further directed buybacks and/or accelerated bookbuilds. The decision to launch the trading plan does not preclude the government from using other options to execute future transactions that achieve value for money for taxpayers, including during the term of the trading plan.
Latest News from
New powers to protect access to cash19/05/2022 15:20:00
Millions of people across the UK will benefit from new legislation to protect access to cash, helping to level up opportunity and ensure financial inclusion across the UK, the government announced today (Thursday 19 May).
Tax crime chiefs summit commits to international action16/05/2022 11:12:00
Tax fraud is a perennial and persistent threat to all our nations, minister tells tax chiefs.
Artist Michael Armitage to design new £1 coin13/05/2022 15:20:00
Chancellor Rishi Sunak names artist Michael Armitage as the designer of a new £1 coin which will enter circulation in 2023, marking the coin’s 40th anniversary.
New Bill to set up UK Infrastructure Bank announced in Queen’s speech12/05/2022 16:15:00
A new Bill designed to finalise the set-up of the UK Infrastructure Bank was introduced to Parliament yesterday and published today (12 May).
New law to protect access to cash announced in Queen's speech11/05/2022 13:38:00
New laws to protect access to cash and help victims of financial scams were yesterday announced by Her Majesty the Queen.
Treasury Starts Conversation to Reform UK Capital Allowance Regime10/05/2022 15:20:00
A publication aiming to kickstart a conversation with businesses about how to reform the UK’s capital allowances regime was yesterday published.
UK punishes Putin with new round of sanctions on £1.7 billion of goods10/05/2022 12:12:00
The UK yesterday announced a new package of sanctions on Russia and Belarus targeting £1.7 billion worth of trade.
Economic Secretary visits Solihull to highlight support for people facing problem debt and mental health crisis09/05/2022 15:20:00
As part of Mental Health Awareness Week, Economic Secretary John Glen MP today (9 May) visited Rethink in Solihull, to highlight support on offer for people suffering with problem debt.