|
National Westminster Bank, 7.763% Non-cumulative Preference Shares, Series C ADR
Ticker Symbol: NW-C* CUSIP: 638539882 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/16/2017
Security has been Called for: Monday, October 16, 2017
21 August 2017 -- National Westminster Bank Plc has given notice to holders of the redemption of its Series C Non-Cumulative Dollar Preference Shares detailed below. The Preference Shares will cease to accrue dividends and shall be cancelled and all unmatured dividend coupons and talons (if any) shall become void for any purpose, as from the relevant redemption date. The Preference Shares will cease to trade on the New York Stock Exchange from the Redemption Date. The redemption amount with respect to the Preference Shares shall be paid out of distributable reserves of NatWest. Approximately £0.20 billion (equivalent) of the Preference Shares are expected to be redeemed, reducing NatWest's retained earnings and distributable items by approximately £0.20 billion. Redemption on 16 October 2017, in whole, of the Non-cumulative USD Preference Shares Series C (ADS CUSIP: 638539882 ADS ISIN: US6385398820), amount outstanding US$245,729,875.00 and the corresponding series of American Depositary Shares ("ADSs"), at the redemption price of US$25.00 per Preference Share and per ADS, plus accrued dividends for the current dividend period to, and including, the Redemption Date, which dividend shall equal $0.539075 per Preference Share. On the Redemption Date, the depositary for the American depositary receipts evidencing the ADSs will redeem the number of ADSs corresponding to the Preference Shares being redeemed at a price per ADS equal to the per share amount received by the depositary upon redemption of the Preference Shares. As from the Redemption Date, the holders of the ADSs representing the Preference Shares will, upon surrender of the ADSs, be entitled to receive funds deposited with JPMorgan Chase Bank, N.A. as depositary with respect to the Preference Shares, without interest. ____________ April 6, 2010 -- The Royal Bank of Scotland Group plc (“RBSG” and, together with its subsidiaries, the “Group”) and National Westminster Bank Public Limited Company (“NatWest” and, together with RBSG announced today that they have launched a tender offer for the outstanding securities of each series listed in the table at the end of this press release issued by RBSG, NatWest and certain of their affiliates. The Tender Offer consists of a separate offer for each series of Securities. The Tender Offer is being made on the terms and subject to the conditions set out in an Offer to Purchase and an accompanying Letter of Transmittal, each dated April 6, 2010. CUSIP: 638539882 ADSs, Series C, representing 7.760% Non-cumulative Dollar Preference Shares, Series C, issued by NatWest on April 8, 1997 $21.25 per Security. ____________ October 20, 2009 --
As more fully set out in the relevant prospectuses, dividend payments on the NatWest Preference Shares may only be stopped if the directors of NatWest consider that the distributable profits of NatWest are insufficient to fund such payments or if the directors of NatWest consider that the payment of the dividend would result in a breach of the Financial Services Authority's capital adequacy requirements. NatWest USD 300,000,000 7.76 per cent. non-cumulative preference shares, Series C (US6385398820).
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: National Westminster Bank plc, non-cumulative preference shares, Series C, liquidation preference US$25 per share, each carry a dividend of 7.76304% ($1.94076) per annum. They are redeemable at the option of NatWest from 9 April 2002 to 8 April 2007 inclusive, at a premium per share of US$1.50 in 2002 reducing by US$0.30 in each successive year. There is no redemption premium if the date of redemption falls after 8 April 2007. Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. National Westminster Bank plc is now a subsidiary of The Royal Bank of Scotland Group plc. The previously noted foreign dividend tax credit for this security has ended and is no longer applicable which changed the displayed dividend rate for this preferred. The preferred now actually pays a dividend of US$0.48519 per quarter or $1.94076 annually which calculates out as a 7.76304% annual dividend.
|
Go to Parent Company's Record (NWG)
IPO - 4/24/1997 - 12.00 Million Shares @ $25.00/share.
ADR with an ADR ratio of 1:1
Market Value $311.0 Million
Company's Online Information Links
|
Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: 42 St Andrew Square, Edinburgh EH2 2YE, Scotland, United Kingdom |
Main Phone Number |
+44-131-556-8555 |
Fax Number |
+44-131-626-3081 |
Inv Rel Phone Number
|
+44 207 672 1758 |
Address and Phone Numbers |
U.S. Representative |
N.A. |
Address: |
Main Phone Number |
Not Available |
Fax Number |
Not Available |
Toll Free Phone Number |
888-269-2377 |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|