Nat.west 9%pf Discussion Threads

[p@] 04/5/2012 10:30

RNS Number : 7236C
Royal Bank of Scotland Group PLC
04 May 2012
THE ROYAL BANK OF SCOTLAND GROUP plc
DIVIDEND ON SERIES F, H, AND L-T NON-CUMULATIVE PREFERENCE SHARES OF US$0.01 FOR THE THREE MONTHS TO 30 JUNE 2012
The Directors have declared the specified dividends on the undernoted Series of non-cumulative preference shares, all of which are represented by American Depositary Shares, for the three months to 30 June 2012. The dividends will be paid on 29 June 2012 at the undernoted rates to holders on the register at the close of business on 14 June 2012.

Series Dividend payable per share
Series F US$0.478125
Series H US$0.453125
Series L US$0.359375
Series M US$0.40
Series N US$0.396875
Series P US$0.390625
Series Q US$0.421875
Series R US$0.382825
Series S US$0.4125
Series T US$0.453125
4 May 2012
THE ROYAL BANK OF SCOTLAND GROUP plc
DIVIDEND ON SERIES 2 NON-CUMULATIVE PREFERENCE SHARES OF EUR0.01 FOR THE YEAR TO 30 JUNE 2012
The Directors have declared the specified dividends on the undernoted series of Non-cumulative preference shares of EUR0.01 each for the year to 30 June 2012. The dividends will be paid on 29 June 2012 at the undernoted rates to holders on the register at the close of business on 14 June 2012.

Series Dividend payable per share
Series 2 EUR52.50
4 May 2012
End

[tommyttrades] 01/5/2012 09:32

Checked with Investor relations today

There will be an announcement on Friday,assuming that payments are resumed then first of which will be 8th June

News will be released on company website.

[tommyttrades] 30/4/2012 10:18

Must be a few here with RBS$ prefs and Series 1 & 3..(I hold all of the mentioned)

Is today the limit on any announcement for intention to resume dividends.

[kirkie001] 24/4/2012 09:49

Don't see anything on the RBS Investor Relations website yet, but I see that the Group filed the Natwest Annual Report with the SEC yesterday:



Natwest filing page at:



And the 20-F (i.e. the Annual Report, in US-format):



(hoping that direct links work)

K

[zangdook] 18/4/2012 11:46

Fair enough. Perhaps I was looking for a quibble because I didn't expect the FT to be talking about 'so-called' prefs.

[greyingsurfer] 18/4/2012 11:34

yes, I'm not disagreeing with you - my point was just that the FT is wrong to say 'end of April'

The RBS stop runs until the end of April, it started later than the LLOY stop, which has finished.

[zangdook] 18/4/2012 11:19

yes, I'm not disagreeing with you - my point was just that the FT is wrong to say 'end of April'

[lord gnome] 18/4/2012 11:14

'Recent' as in 'last few months' rather than 'last few days', zangddok. Lloyds issued a load of ordinaries to the market to raise the cash to pay its pref divis.

[zangdook] 18/4/2012 10:56

So not 'at the end of April' then. IIRC LLPE paid out in Feb.

edit: LLPE was mid-March

[lord gnome] 17/4/2012 20:10

Nope Zangdook. The ban has only recently expired. Lloyds has just started to make payments again on its preference stock.

[zangdook] 17/4/2012 17:11

Sorry, slightly OT




Royal Bank of Scotland is preparing to make its first dividend payment in four years ...
The bank, which is 82 per cent owned by the UK government, is likely to make a £350m-£400m payment to holders of so-called preference shares next month, said people with knowledge of the matter. It is the first payout RBS is entitled to make after an EU ban on the payment of dividends expires at the end of April.


"So-called preference shares"? A rather sloppy article. I suppose she could argue that NatWest isn't the same as RBS, but I thought the EU thing expired some time ago.

[stevemarkus] 17/4/2012 09:19

I'm not suggesting that it would be worth more - clearly there'd be an impact on price. But someone asked what would happen if the payment was suspended, and that's what would happen i.e. 4/3 of shares paid as a scrip.

Cheers,
Steve.

[holts] 17/4/2012 08:49

there was debate on this , the general conclusion seemed to be that if it were concluded that rbos were doing this with the purpose of not paying mandatory instruments there would be legal ramifications.

[coolen] 16/4/2012 22:47

Hi stevemarkus:

The scrip divi might be greater than the cash divi but, in reaction to news that NWBD was unable to pay its cash divi, what value would the scrip dividend shares be trading at -possibly less than the value of the (smaller) cash dividend ?

I hasten to say that I do not expect the cash div to be cancelled.

However, I believe that NWBD has recently paid a hefty ordinary dividend from its profit reserves to its sole shareholder, so surely any remaining reserves must surely be smaller than previously ?

If so, has that not increased the risk to Pref holders given that a cash divi can only be paid from those diminished reserves ?

[theinquisitiveone] 15/4/2012 15:37

Pay day should be monday.

[stevemarkus] 08/3/2012 09:37

If stopped, then you get 4/3 of the dividend due in new pref shares.

Steve.

[holts] 07/3/2012 15:23

key here is in the nwbd terms , I believe they are effectively cumulative if stopped , indeed if I recall they are worse than cumulative if stopped , in other words they would be more costly to stop than normal cumulative prefs.

[bubble pricker] 07/3/2012 14:59

kinbasket, each bank debt instrument needs to be assessed in detail on the basis of its terms. You cannot compare one to the other like-for-like. For the one's you referred to, the dividend suspension rules are as follows:

"Dividend payments on the non-cumulative preference shares of RBSG set out at Schedule 1 to this press release may be stopped at the discretion of the board of directors of RBSG, and must be stopped if, in the opinion of the directors of RBSG, the distributable profits of RBSG are insufficient to fund such payments or if, in the opinion of the directors of RBSG, the payment of the dividend would breach or cause a breach of the Financial Services Authority's capital adequacy requirements (all as more fully set out in RBSG's Articles of Association and the relevant Board Resolutions, which contain the terms of, and rights attaching to, such non-cumulative preference shares"


Key here is "may be stopped at the discretion of the board", which is not included in some other pref shares' terms.

[p@] 07/3/2012 11:03

Holding up very well,impressive.

[cwa1] 07/3/2012 07:40

XD this morning.

[4spiel] 16/1/2012 10:14

Morton 2011 I think the confusion can arise because some stocks are quoted gross like BBYB and paid net and some are quoted net like NWBD and GACA and paid net.

[holts] 13/1/2012 19:39

differential in terms maybe ?

[kinbasket] 12/1/2012 10:08

Interesting that the RBS Euro still hasn't moved, It's a fair bit behind the Lloyds euro and the US Prefs now.

Bargain territory

XS0323734961

[pollen8] 11/1/2012 16:45

HD- Good, looking forward to proper price being realised, circa 120p

[horndean eagle] 11/1/2012 15:49

US RBS discretionary and mandatory coupons up very sharply over last week. Discretionary up around 20%. Some of that love seems to be heading over to these shores now.