RBS 2004 Annual Report Download - page 169

section
03
167
Annual Report and Accounts 2004
Notes on the accounts
Financial
statements
32 Minority interests – non-equity
2004 2003
£m £m
Non-equity shares issued by NatWest:
Non-cumulative preference shares of US$25 (1) 278 299
Non-cumulative preference shares of £1 (2) 166 166
444 465
Non-equity shares issued by other subsidiaries:
Non-cumulative trust preferred securities of 1,000 (3) 875 875
Non-cumulative trust preferred securities of US$1,000 (3) 2,152 1,245
Other non-equity minority interests 200 139
Total 3,671 2,724
Notes:
(1) The US$250 million non-cumulative preference shares, Series B, of US$25 each carry a gross dividend of 8.75% inclusive of associated tax credit. They are redeemable at the
option of NatWest at US$25 per share.
The US$300 million non-cumulative preference shares, Series C, of US$25 each carry a gross dividend of 8.625% inclusive of associated tax credit. They are redeemable at the
option of NatWest from 9 April 2002 to 8 April 2008 inclusive, at a premium per share of US$0.60 in 2005 reducing by US$0.30 in each successive year. There is no redemption
premium if the date of redemption falls after 8 April 2007.
(2) The £140 million 9% non-cumulative preference shares, Series A, of £1 each are non-redeemable.
(3) Wholly-owned subsidiaries of the Group have issued the following non-cumulative trust preferred securities:
Number Distribution Redemption
of securities rate per Distribution Redemption date price per
Issue in issue annum frequency on or after security
Trust preferred securities of 1.000 1,250,000 6,467% Annually 30 June 2012 1,000
Trust preferred securities of US$1.000 750,000 6.8% Quarterly 31 March 2008 US$1,000
Trust preferred securities of US$1.000 850,000 4.709% Semi-annually 1 July 2013 US$1,000
Trust preferred securities of US$1.000 650,000 6.425% Semi-annually 3 January 2034 US$1,000
Trust preferred securities of US$1.000* 950,000 5.512% Semi-annually 30 September 2014 US$1,000
Trust preferred securities of US$1.000* 1,000,000 0.80% above Quarterly 30 September 2014 US$1,000
three month
US$ LIBOR
These securities have no maturity date and are not redeemable at the option of the holders at any time. The securities may, with the consent of the FSA, be redeemed, in whole
or in part, by the issuer on the dates specified above or on any interest payment date thereafter. They may also be redeemed in whole, but not in part, upon the occurrence of
certain tax and regulatory events.
* issued in 2004, net proceeds received US$941 million (£523 million) and US$994 (£552 million), respectively.
(4) Minority interests in the consolidated profit and loss account includes £138 million (2003 – £127 million; 2002 – £67 million) in respect of non-equity interests.
33 Share capital Allotted, called up and fully paid Authorised
1 January Issued during 31 December 31 December 31 December
2004 the year 2004 2004 2003
£m £m £m £m £m
Equity shares
Ordinary shares of 25p 740 53 793 1,020 1,020
Non-voting deferred shares of £0.01 27 — 27 323 323
Total equity share capital 767 53 820 1,343 1,343
Non-equity shares
Additional Value Shares of £0.01 — — — 27 27
Non-cumulative preference shares of US$0.01 1 — 1 2 2
Non-cumulative convertible preference shares of US$0.01 —————
Non-cumulative preference shares of 0.01 —————
Non-cumulative convertible preference shares of 0.01 —————
Non-cumulative convertible preference shares of £0.25 — — — 225 225
Non-cumulative convertible preference shares of £0.01 —————
Cumulative preference shares of £1 1 — 1 1 1
Non-cumulative preference shares of £1 — — — 300 300
Total non-equity share capital 2 — 2 555 555
Total share capital 769 53 822 1,898 1,898