Royal Bank of Scotland chief executive Stephen Hester has sold £94,000 of shares in order to finance the income tax and National Insurance payable on the release of 610,688 restricted shares. He retains 359,802 of those released shares.
Hester had previously raised £102,000 and £53,566 from share sales in June and August respectively. Both of these sales were said to be to meet income tax and National Insurance liabilities arising from transfers of restricted shares.
Hester still owns 2,167,419 shares in RBS, equivalent to 0.004% of the bank's share capital.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
RBS is one of the worst performers in the FTSE 100 index today. Most of the big European banks have fallen after rating agency Standard & Poor's said that nearly all of the world's big banks are weakly capitalised.
The Bank of England revealed that it provided emergency funding to Royal Bank of Scotland in October and November 2008 that peaked at £36.6bn, before it was paid off in November 2008. The BoE said there's no need for the assistance to remain a secret now that RBS has signed up for the government's Asset Protection Scheme.
Top Director Buys
National Express Group (NEX) Director name: Mr Jorge CosmenAmount purchased: 400,000 @ 358.85p Value: £1,435,400
Frenkel Topping (FEN) Director name: Mr David R SouthworthAmount purchased: 1,666,667 @ 3.00p Value: £50,000
Catlin Group (CGL) Director name: Mr Robert C. GowdyAmount purchased: 9,350 @ 317.30p Value: £29,668
Mecom Group (MEC) Director name: Mr David MontgomeryAmount purchased: 20,000 @ 123.62p Value: £24,724
XP Power (XPP) Director name: Mr Mickey LynchAmount purchased: 3,500 @ 376.20p Value: £13,167
Phoenix IT Group (PNX) Director name: Mr Nick RobinsonAmount purchased: 7,872 @ 242.05p Value: £19,054
Amlin (AML) Director name: Mr Martin FeinsteinAmount purchased: 4,000 @ 393.29p Value: £15,732
JPMorgan Mid Cap Inv Trust (JMF) Director name: Mr Andrew BarkerAmount purchased: 4,000 @ 386.00p Value: £15,440
Hanson Westhouse Holdings (HWH) Director name: Mr Andrew BeesonAmount purchased: 25,000 @ 60.00p Value: £15,000
Top Director Sells
Jardine Matheson (Singapore) (JAR) Director name: Mr Adam Phillip Charles KeswickAmount sold: 3,674 @ $50.86 Value: $186,875
Royal Bank of Scotland Group (RBS) Director name: Mr Stephen HesterAmount sold: 250,886 @ 37.48p Value: £94,032
Frenkel Topping (FEN) Director name: Mr Richard FraserAmount sold: 1,666,667 @ 3.00p Value: £50,000
-
Buying a property is cheaper than renting again – how much could you save?News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
-
Is now a good time to invest in India?Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
