Royal Bank of Scotland Group PLC Capital Reorganisation - notice of petition (3419F)
May 16 2017 - 12:08PM
UK Regulatory
TIDMRBS
RNS Number : 3419F
Royal Bank of Scotland Group PLC
16 May 2017
16 May 2017
Capital reorganisation - notice of petition
The Royal Bank of Scotland Group plc ("the Company") announced
its intention alongside its Q3 2016 results to propose a resolution
to shareholders to cancel the Company's share premium account and
capital redemption reserve (the "Resolution"), subject to the
confirmation of the Court of Session (the "Court"). At the
Company's Annual General Meeting ("AGM") on 11 May 2017, the
Resolution was passed.
As at the date of the AGM, the balance of the Company's share
premium account was GBP25.8 billion and the balance of the capital
redemption reserve was GBP4.5 billion. The effect of the capital
reorganisation, if duly sanctioned by the Court, will be to
increase the Company's retained earnings by an equal amount.
On 11 May 2017, a Petition was presented to the Court seeking an
order confirming the cancellation of the Company's share premium
account and capital redemption reserve. A copy of the notice of the
Company's application is set out below.
NOTICE OF APPLICATION TO THE COURT
"THE ROYAL BANK OF SCOTLAND GROUP PLC
Company Number: SC045551
Notice is hereby given that, on 11 May 2017, a Petition was
presented to the Court of Session in Edinburgh (the "Court") by The
Royal Bank of Scotland Group plc (the "Company"), a public company
registered in Scotland under the company number SC045551 and with
its registered office at 36 St. Andrew Square, Edinburgh, EH2 2YB,
seeking an order confirming the cancellation of its share premium
account and the cancellation of its capital redemption reserve
(together, the "Reduction"), which were approved by a special
resolution of the Company passed on 11 May 2017.
On 12 May 2017, the Court ordered (i) that the Petition be
advertised once in each of The Edinburgh Gazette, The Scotsman, the
Financial Times (UK and International editions) and The New York
Times, and (ii) that any person claiming an interest in the
Reduction lodge Answers to the Petition, if so advised, at the
offices of the Court, 2 Parliament Square, Edinburgh EH1 1RQ within
21 days of the publication of the last of those advertisements. As
the last of those advertisements is expected to be published on 16
May 2017, the deadline for lodging Answers to the Petition is
expected to be on 6 June 2017.
Any such person may wish to seek independent legal advice. In
accordance with its practice, the Court is also likely to consider
any other objections which are made to it, in writing or in person
at the hearing of the Petition to confirm the Reduction. That
hearing is expected to take place at the Court on 15 June 2017.
Should that date change, the new date will be advertised on the
website of The Royal Bank of Scotland Group plc at
http://investors.rbs.com/. A copy of this advertisement will also
be available on that same web page.
CMS Cameron McKenna Nabarro Olswang LLP
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
Solicitors to The Royal Bank of Scotland Group plc"
Information regarding our 2017 AGM can be found at:
www.investors.rbs.com/shareholder-centre/shareholder-meetings
For further information, please contact:
RBS Investor Relations
Matthew Richardson
Head of Debt Investor Relations
Tel: +44 (0) 20 7678 1800
Legal Entity Identifier: 2138005O9XJIJN4JPN90
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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