RBS shareholders will never recover money they lost - Daily Telegraph RBS shareholders will never recover money they lost - Daily Telegraph

Wednesday, May 30, 2012

RBS shareholders will never recover money they lost - Daily Telegraph

RBS shareholders will never recover money they lost - Daily Telegraph

A share restructuring plan, which was approved at today's annual investor meeting will see the bank swap 10 of its existing shares for one new share. As a result of the scheme, which will take effect from June 6, the bank's share price will increase 10-times, pushing the share price to about 200p - the first time RBS shares will have traded at that price since September 2008.

RBS avoided the shareholder protest votes that have hit other major British businesses during the so-called "shareholder spring". However, with UKFI, which manages the state's 82pc holding in the bank, voting in favour of all the bank's resolution a protest vote was never considered likely.

Sir Philip told shareholders that despite chief executive, Stephen Hester, coming under pressure to give up his bonus the "great majority" of institutional investors had been in favour of awarding him the all-share payment worth nearly £1m.


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