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
UK and Scottish governments agree first stage of the Fiscal Framework Review15/10/2021 14:25:00
The UK Government and Scottish Government yesterday (14 October 2021) agreed in principle the scope of the independent report that will inform the subsequent review of the Scottish Government’s Fiscal Framework.
G7 Finance Ministers agree to work together to address global supply chain pressures14/10/2021 12:05:00
The Chancellor has welcomed an agreement from G7 Finance Ministers to work together to monitor supply chain pressures as the global economy rebounds from the pandemic.
New capital raising review to boost UK companies and markets13/10/2021 11:20:00
A new review to boost companies listed on UK stock markets by giving them more options when raising capital was launched yesterday (12 October 2021).
Chancellor hails global cooperation as landmark tax reforms aimed for 202311/10/2021 15:20:00
The Chancellor has hailed global cooperation after 136 countries agreed a new system ensuring large multi-nationals pay the right tax in the right places.
Quarter of million left furlough in August as redundancies hit seven-year low07/10/2021 15:20:00
More than a quarter of a million workers left the furlough scheme in August – an 85% reduction since its peak, according to new statistics published today.
Government expands opportunities in Darlington to help level up06/10/2021 14:20:00
The Government will this week step up a recruitment drive for roles at the new economic campus in Darlington– as it continues to take action to level up the UK.
UK Government supports UK film and TV on global stage06/10/2021 12:12:00
UK Global Screen Fund makes 18 further awards totalling almost £1 million to support independent UK film and screen content to achieve international success.
£500 million Plan for Jobs Expansion05/10/2021 13:20:00
Hundreds of thousands of people to be supported as part of the more than £500 million expansion of the government's Plan for Jobs.
Chancellor visits Yorkshire to see super-deduction in action as £400 billion Plan for Jobs enters next stage01/10/2021 15:20:00
The Chancellor has today praised Yorkshire workers’ resilience during a visit to Legal & General’s modular housing factory in Selby to mark the next phase of the Government’s £400 billion Plan for Jobs.