From RBS this morning:
The Royal Bank of Scotland Group plc (”RBS”) - Result of Placing and Open Offer
28 November 2008
RBS today announces that, as at 11:00am on 25 November 2008, being the latest date for receipt of valid subscriptions, it had received valid acceptances in respect of 55,977,458 new RBS ordinary shares, representing approximately 0.24 per cent of the total number of new RBS ordinary shares offered to shareholders pursuant to the 18 for 13 Placing and Open Offer announced by RBS on 13 October 2008 (the “Open Offer”).
In accordance with the arrangements set out in Part III of the Placing and Open Offer prospectus dated 4 November 2008 (the “Prospectus”), at closing HM Treasury will take up the remaining 22,853,798,818 new RBS ordinary shares, for which valid acceptances were not received. As a result, HM Treasury will own approximately 57.9 per cent. of the enlarged issued ordinary share capital of RBS.
Definitions used in the Prospectus shall have the same meanings when used in this announcement unless the context otherwise requires.
Hardly surprising given that when the offer closed on Tuesday, the market price for RBS shares was 54.7p a pop (even then up 31 per cent over the week, 7 per cent that Tuesday morning alone) compared to a rights offer price of 65.5p.
So come on, own up. Which ones of you actually bought those RBS shares?
Anyway, it also means that as per RBS’s closing shareprice of 54 pence yesterday, HM taxpayers’ investment is already down 17.5 per cent — around £2.6bn.
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