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
Changes made to The Crown Estate Board22/02/2024 15:10:00
The Crown Estate has announced an extension to the Chair Sir Robin Budenberg CBE’s final term, one re-appointment and one new appointment to their board.
Tax saving for 38,000 pubs as alcohol duty freeze takes effect01/02/2024 15:20:00
More than 38,000 pubs are set to benefit from six-month freeze to alcohol duty from today.
£1,000 National Insurance cut boosts Britain’s paychecks31/01/2024 11:20:00
Millions of UK workers see boost in take home pay today as cut to National Insurance shows in January’s payslip as part of plan to reward work and boost growth.
Economic Secretary’s capital markets speech to Bloomberg26/01/2024 16:15:00
On Thursday 25th January, Economic Secretary to the Treasury Bim Afolami delivered a speech at Bloomberg’s London HQ about the drive for a capital markets renaissance.
Bank of England and HM Treasury respond to digital pound consultation25/01/2024 15:25:00
The Bank of England (the Bank) and HM Treasury have today published their response to the consultation on a digital pound that was launched in February 2023.
Chancellor in Davos to champion British excellence in tech18/01/2024 13:20:00
Jeremy Hunt champions British science and tech in first visit to the World Economic Forum’s Annual Meeting in Davos, Switzerland from a UK Chancellor since 2019
£1,000 yearly tax cut for households08/01/2024 11:10:00
27 million people across the UK will now benefit from a yearly tax cut worth hundreds of pounds, meaning a household with two average earners will save nearly £1,000 per year.
New tax credits for British film, TV and video game makers start from today01/01/2024 14:05:00
British film, TV and video game producers will benefit from new, more generous tax credits that start today (1 January 2024).