Royal Bank of Scotland Group PLC Intention to Sell Part of Citizens Financial Group (1614I)
March 23 2015 - 6:03AM
UK Regulatory
TIDMRBS
RNS Number : 1614I
Royal Bank of Scotland Group PLC
23 March 2015
23 March 2015
Intention to Sell Part of Citizens Financial Group Inc.
Stake
The Royal Bank of Scotland Group plc ("RBSG") today announces it
intends to sell part of its shareholding in its subsidiary Citizens
Financial Group Inc. ("CFG" or "Citizens") in an underwritten
public follow-on offering ("the Offering").
The Offering is expected to comprise 115 million shares of
Citizens' common stock, equivalent to 21% of CFG's common stock
excluding an over-allotment option. A further 17.25 million shares
will be made available by RBSG under a 30 day over-allotment
option.
If all the CFG shares made available in the Offering are sold,
assuming no exercise of the over-allotment option, RBSG's remaining
stake would comprise 269.7 million shares, equivalent to 49.3% of
CFG's issued common stock. If the over-allotment option is
exercised in full, RBSG's remaining stake would be 252.5 million
shares or 46.1% of CFG's common stock.
Notes:
Morgan Stanley and Goldman, Sachs & Co. are acting as global
coordinators and joint book-running managers and J.P. Morgan and
Citigroup are acting as joint book-running managers for this
offering. The prospectus relating to the offering may be obtained
by calling Morgan Stanley & Co. LLC toll free at (866)
718-1649, Goldman, Sachs & Co. toll free at (866) 471-2526,
J.P. Morgan Securities LLC toll free at (866) 803-9204, or
Citigroup Inc. toll free at (800) 831-9146.
The registration statement relating to these securities has been
filed with the Securities and Exchange Commission, but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
For further information please contact:
Investors Media
Richard O'Connor RBS Press Office
Head of Investor Relations +44 (0) 131 523 4205
+44 (0) 207 672 1758
This information is provided by RNS
The company news service from the London Stock Exchange
END
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