Price Range for IPO of Direct Line Insurance Group

RNS Number : 4679N

Royal Bank of Scotland Group PLC

28 September 2012

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, CANADA OR JAPAN.

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus in its final form to be published by Direct Line Insurance Group plc in due course in connection with the admission of its ordinary shares (the "Shares") to the Official List of the UK Listing Authority (the "UKLA") and to trading on the London Stock Exchange plc's main market for listed securities (the "London Stock Exchange"). Copies of the prospectus will, following publication, be available from Direct Line Insurance Group plc's registered office.

28 September 2012

The Royal Bank of Scotland Group plc ("RBS Group")

Price Range for the IPO of Direct Line Insurance Group plc

RBS Group has today set the price and offer range for the planned initial public offering ("IPO") of Direct Line Insurance Group plc ("Direct Line Group").

The price range has been set at between 160 pence and 195 pence per share. RBS Group has approved a maximum potential offer size of 575 million shares, with an expected offer size in the region of 375 million to 500 million shares. This represents between 25% and 33% of existing shares outstanding. RBS Group has granted an over-allotment option of up to 15% of the aggregate number of shares being offered.

Final pricing is currently expected to be announced on or around 11 October 2012, with conditional dealings in the shares on the London Stock Exchange beginning the same day.

For further details, please see the announcement from Direct Line Group released separately today.

ENQUIRIES:

RBS Group Media Relations

0131 523 4205

DISCLAIMER:

Neither this announcement, the publication in which it is contained nor any copy of it may be made or transmitted into the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the ''United States''). The securities referred to herein have not been and will not be registered under the applicable securities laws of the United States and, subject to certain exceptions, may not be offered or sold within the United States.

Neither this announcement, the publication in which it is contained nor any copy of it may be taken, transmitted or distributed, directly or indirectly, into Canada or Japan or to any persons in any of those jurisdictions or any other jurisdictions where to do so would constitute a violation of the relevant laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the applicable securities laws of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to any national, resident or citizen of Canada or Japan.

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The Offer and the distribution of this announcement and other information in connection with the listing and Offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.

Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. In particular, this announcement does not constitute an offer for sale of, or a solicitation to purchase or subscribe for, any securities in the United States. No securities of Direct Line Group have been, or will be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), and securities of Direct Line Group may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.

 

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