RBS 2010 Annual Report Download - page 362

29 Share capital continued
Non-cumulative preference shares
Non-cumulative preference shares entitle the holders thereof (subject to
the terms of issue) to receive periodic non-cumulative cash dividends at
specified fixed rates for each Series payable out of distributable profits of
the company.
The non-cumulative preference shares are redeemable at the option of
the company, in whole or in part from time to time at the rates detailed
below plus dividends otherwise payable for the then current dividend
period accrued to the date of redemption.
Class of preference share Number of shares in
issue
Interest
rate
Redemption
date on or afte
r
Redemption
price per share
Debt/equity
(1)
Non-cumulative preference shares of US$0.01
Series F 6.3 million 7.65% 31 March 2007 US$25 Debt
Series H 9.7 million 7.25% 31 March 2004 US$25 Debt
Series L 30.0 million 5.75% 30 September 2009 US$25 Debt
Series M 23.1 million 6.4% 30 September 2009 US$25 Equity
Series N 22.1 million 6.35% 30 June 2010 US$25 Equity
Series P 9.9 million 6.25% 31 December 2010 US$25 Equity
Series Q 20.6 million 6.75% 30 June 2011 US$25 Equity
Series R 10.2 million 6.125% 30 December 2011 US$25 Equity
Series S 26.4 million 6.6% 30 June 2012 US$25 Equity
Series T 51.2 million 7.25% 31 December 2012 US$25 Equity
Series U 10,130 7.64% 29 September 2017 US$100,000 Equity
Non-cumulative convertible preference shares of US$0.01
Series 1 64,772 9.118% 31 March 2010 US$1,000 Debt
Non-cumulative preference shares of €0.01
Series 1 1.25 million 5.5% 31 December 2009 €1,000 Equity
Series 2 784,989 5.25% 30 June 2010 €1,000 Equity
Series 3 9,429 7.0916% 29 September 2017 €50,000 Equity
Non-cumulative convertible preference shares of £0.01
Series 1 14,866 7.387% 31 December 2010 £1,000 Debt
Non-cumulative preference shares of £1
Series 1 54,442 8.162% 5 October 2012 £1,000 Equity
Note:
(1) Those preference shares where the Group has an obligation to pay dividends are classified as debt; those where distributions are discretionary are classified as equity. The conversion rights
attaching to the convertible preference shares may result in the Group delivering a variable number of equity shares to preference shareholders; these convertible preference shares are treated as
debt.
RBS Group 2010360
Notes on the accounts continued