LONDON, UK: UK Government Investments Limited (UKGI) announced that it intends to sell part of Her Majesty’s Treasury’s (HMT) shareholding in NatWest Group plc over a term of twelve months through a pre-arranged trading plan that will be managed by Morgan Stanley & Co. International plc.
Under the Trading Plan, Morgan Stanley will have discretion to effect a measured and orderly sell down of shares in the Company on behalf of Her Majesty’s Treasury’s (HMT).
Although the Trading Plan has been entered into today, the earliest that sales will commence will be 12 August 2021, following the expiry of the lock-up period agreed with the bookrunners when Her Majesty’s Treasury’s (HMT) disposed of part of its shareholding in the Company by way of an accelerated bookbuild on 11 May 2021.
The Trading Plan will terminate no later than 11 August 2022. HMT has instructed Morgan Stanley that (a) its intention is that up to, but no more than, 15% of the aggregate total trading volume in the Company will be sold over the scheduled duration of the Trading Plan, and (b) shares may not be sold under the Trading Plan below a price per share that UKGI and HMT determine represents fair value and delivers value for money for the taxpayer throughout the term of the Trading Plan.
The actual number of shares sold on any day under the Trading Plan will depend on market conditions, among other factors.
UKGI and HMT will keep other disposal options open, including by way of directed buybacks and/or accelerated bookbuilds. The decision to launch the Trading Plan does not preclude HMT from executing such other disposals that achieve value for money for taxpayers, including during the term of the Trading Plan.
HMT currently owns 6,338,753,194 ordinary shares in the Company, which represents approximately 54.7% of voting rights in the Company.
Goldman Sachs International is acting as Privatisation Adviser to UKGI. Freshfields Bruckhaus Deringer LLP is acting as legal counsel to UKGI in respect of English and US law.
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21 Jul, 4:35 pm GMT+1 ·Disclaimer