RBS 2004 Annual Report Download - page 170

168
Notes on the accounts
Notes on the accounts continued
33 Share capital (continued)
Allotted, called up and fully paid Authorised
Number of shares – thousands 2004 2003 2004 2003
Equity shares
Ordinary shares of 25p 3,172,605 2,963,335 4,079,375 4,079,375
Non-voting deferred shares of £0.01 2,660,556 2,660,556 32,300,000 32,300,000
Non-equity shares
Additional Value Shares of £0.01 — —2,700,000 2,700,000
Non-cumulative preference shares of US$0.01 153,000 82,000 348,500 238,500
Non-cumulative convertible preference shares of US$0.01 1,900 1,900 3,900 3,900
Non-cumulative preference shares of 0.01 1,250 —66,000 66,000
Non-cumulative convertible preference shares of 0.01 750 750 3,000 3,000
Non-cumulative convertible preference shares of £0.25 — —900,000 900,000
Non-cumulative convertible preference shares of £0.01 200 200 1,000 1,000
Cumulative preference shares of £1 900 900 900 900
Non-cumulative preference shares of £1 — —300,000 300,000
Ordinary shares
The following issues of ordinary shares were made during the
year to 31 December 2004:
(a) 165 million ordinary shares were placed at an issue price
of £16.20 per share;
(b) 12.9 million ordinary shares following the exercise of
options under the company’s executive, sharesave and
option 2000 schemes and a further 5.6 million ordinary
shares in respect of the exercise of options under the
NatWest executive and sharesave schemes which had
been exchanged for options over the company’s shares
following the acquisition of NatWest;
(c) 23.4 million ordinary shares in lieu of cash in respect of
the final dividend for the year ended 31 December 2003
and the interim dividend for the year ended 31 December
2004; and
(d) 2.4 million ordinary shares under the company’s profit
sharing (share ownership) scheme.
Consideration of £2,845 million was received on the issue of
ordinary shares for cash and dividends of £394 million were
satisfied by the issue of shares.
During the year to 31 December 2004, options were granted
over 16.7 million ordinary shares under the company’s
executive, sharesave and option 2000 schemes. At 31
December 2004, options granted under the company’s various
schemes, exercisable up to 2014 at prices ranging from 461p
to 1841p per share, were outstanding in respect of 70.1 million
ordinary shares.
In addition, options granted under the NatWest schemes were
outstanding in respect of 1.6 million ordinary shares
exercisable up to 2009 at prices ranging from 373p to 924p
per share. As permitted by UITF 17 ‘Employee share schemes’
applicable to SAYE schemes, no cost has been recognised in
respect of sharesave options.
Preference shares
In August 2004, the company issued 37 million Series M non-
cumulative preference shares of US$0.01 each at US$25 per
share, the net proceeds being US$896 million.
In September 2004, the company exchanged all of the
outstanding US$850 million 5.75% exchangeable capital
securities, Series B, into 34 million Series L non-cumulative
preference shares of US$0.01 each, at US$25 per share.
In November 2004, the company issued 1.25 million Series 1
non-cumulative preference shares of 0.01 each at 1,000
per share, the net proceeds being 1,225 million.