UK Gov Adjusts NatWest Stake Filing

TL;DR

UK Gov (HM Treasury) updated its NatWest filing. No major changes, just housekeeping.

AI Summary

HM Treasury, through UK Government Investments Ltd, has amended its Schedule 13D filing concerning NatWest Group plc. The filing, dated March 14, 2024, indicates a change in reporting persons. HM Treasury previously operated under the former name Royal Bank of Scotland Group plc.

Why It Matters

This filing update from HM Treasury signals ongoing government involvement and potential shifts in its stake or reporting strategy for NatWest Group, a major UK financial institution.

Risk Assessment

Risk Level: low — The filing is an amendment to an existing Schedule 13D, indicating routine updates rather than a new or aggressive investment/divestment strategy.

Key Players & Entities

• HM Treasury (company) — Reporting Person
• UK Government Investments Ltd (company) — Reporting Person
• NatWest Group plc (company) — Subject Company
• Peter King (person) — Authorized Contact
• Royal Bank of Scotland Group plc (company) — Former Company Name

FAQ

Filing Documents

• tm248963d1_sc13da.htm (SC 13D/A) — 67KB
• 0001104659-24-035242.txt ( ) — 68KB

From the Filing

SC 13D/A 1 tm248963d1_sc13da.htm SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 32) NatWest Group plc (Name of Issuer) Ordinary Shares (Title of Class of Securities) (CUSIP Number) Peter King 1 Horse Guards Road London SW1A 2HQ +44 (0) 20 7270 5328 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 14, 2024 (Date of Event Which Requires Filing of this Statement) HM Treasury; UK Government Investments Ltd Names of Reporting Persons If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨ . * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. Explanatory note : In lieu of providing the information called for by Schedule 13D, His Majesty's Treasury is furnishing a copy of “TR-1: Notification of Major Interest in Shares”, which is the standard form for any notification required to be delivered under the UK Disclosure Guidance and Transparency Rules to (among others) an issuer whose shares are admitted to trading on a UK regulated market (and to the UK Financial Conduct Authority) following the acquisition or disposal of certain interests in the shares or voting rights in such issuer. This modified Schedule 13D is filed pursuant to no-action relief granted by the Staff of the Securities and Exchange Commission in a no-action letter dated December 10, 2008. TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : NatWest Group plc 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an “X”) An acquisition or disposal of voting rights An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify) iii : 3. Details of person subject to the notification obligation iv Name The Commissioners of His Majesty’s Treasury London, England 4. Full name of shareholder(s) (if different from 3.) v Name The Solicitor for the Affairs of His Majesty’s Treasury London, England 5. Date on which the threshold was crossed or reached vi : 14 March 2024 6. Date on which issuer notified (DD/MM/YYYY): 15 March 2024 7. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights of issuer vii Resulting situation on the date on which threshold was crossed or reached 30.98% 30.98% 35,002,866,544 Position of previous notification (if applicable) 31.85% 31.85% 1 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii A: Voting rights attached to shares Class/type of shares ISIN code (if possible) Number of voting rights ix % of voting rights Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) Ordinary Shares of £1.0769 each GB00BM8PJY71 10,842,244,456 30.98% SUBTOTAL 8. A 10,842,244,456 30.98% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Type of financial instrument Expiration date x Exercise/ Conversion Period xi Number of voting rights that may be acquired if the instrument is exercised/converted. % of voting rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Type of financial instrument Expiration date x Exercise/ Conversion Period xi Physical or cash settlement xii Number of voting rights % of voting rights SUBTOTAL 8.B.2 2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) Person holding directly or indirectly an interest in the (underlying) issuer xiii Full chain of controlled undertakings through whic

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View this SC 13D/A filing on SEC EDGAR