annual Report and accounts 2010/11 – the Royal Bank of scotland Group plc
Investment in RBS
the Government’s investment in RBs has been made in three different tranches, as summarised in the
table below. taking into account fees received, the net cost of the Government’s investment in RBs is
£45,222 million, equivalent to an average of 49.9p per share.
HM Treasury shareholdings
in Royal Bank of Scotland Shares
Total
Investment
Investment
per share
Value at
31 March
1
m £m p £m
Initial Recapitalisation December 2008 22,854 14,969 65.5 9,322
Preference Share conversion
2
April 2009 16,791 5,058 31.75 6,849
APS B shares
3
December 2009 51,000 25,500 50.0 20,802
Total investment 90,645 45,527 50.2 (avg) 36,973
Fees received
4
(305)
Total net investment 90,645 45,222 49.9 (avg)
Notes
1. Based on RBS share price of 40.79p as at 31 March 2011.
2. Total investment includes accrued dividends and redemption premiums received of around £270 million.
3. Excludes theoretical valuation of the enhanced dividend access share, valued as £2.3 billion as at 31 March 2011. See Box 2.1.
4. Underwriting fees on transactions paid to HM Treasury, including the recapitalisation and preference share conversion. Excludes annual fees
paid to HM Treasury in relation to the Asset Protection Scheme and contingent capital facility
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