RBS 2013 Annual Report Download - page 465
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Notes on the consolidated accounts
463
Number of shares Redemption Redemption
Class of preference share in issue Interest rate date on or afte
r
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 6.40% 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 6.60% 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 5.50% 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
3 month
LIBOR + 2.33% 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.
In the event that the non-cumulative convertible preference shares are
not redeemed on or before the redemption date, the holder may convert
them into ordinary shares in the company at the prevailing market price.
Under existing arrangements, no redemption or purchase of any non-
cumulative preference shares may be made by the company without the
prior consent of the Prudential Regulation Authority.
On a winding-up or liquidation of the company, the holders of the non-
cumulative preference shares are entitled to receive, out of any surplus
assets available for distribution to the company's shareholders (after
payment of arrears of dividends on the cumulative preference shares up
to the date of repayment) pari passu with the cumulative preference
shares and all other shares of the company ranking pari passu with the
non-cumulative preference shares as regards participation in the surplus
assets of the company, a liquidation distribution per share equal to the
applicable redemption price detailed in the table above, together with an
amount equal to dividends for the then current dividend period accrued to
the date of payment, before any distribution or payment may be made to
holders of the ordinary shares as regards participation in the surplus
assets of the company.
Except as described above, the holders of the non-cumulative preference
shares have no right to participate in the surplus assets of the company.
Holders of the non-cumulative preference shares are not entitled to
receive notice of or attend general meetings of the company except if any
resolution is proposed for adoption by the shareholders of the company
to vary or abrogate any of the rights attaching to the non-cumulative
preference shares or proposing the winding-up or liquidation of the
company. In any such case, they are entitled to receive notice of and to
attend the general meeting of shareholders at which such resolution is to
be proposed and are entitled to speak and vote on such resolution (but
not on any other resolution). In addition, in the event that, prior to any
general meeting of shareholders, the company has failed to pay in full the
three most recent quarterly dividend payments due on the non-
cumulative dollar preference shares (other than Series U), the two most
recent semi-annual dividend payments due on the non-cumulative
convertible dollar preference shares and the most recent dividend
payments due on the non-cumulative euro preference shares, the non-
cumulative sterling preference shares, the Series U non-cumulative dollar
preference shares and the non-cumulative convertible sterling preference
shares, the holders shall be entitled to receive notice of, attend, speak
and vote at such meeting on all matters together with the holders of the
ordinary shares. In these circumstances only, the rights of the holders of
the non-cumulative preference shares so to vote shall continue until the
company shall have resumed the payment in full of the dividends in
arrears.