(RBS.L) Royal Bank of Scotland Group (The) PLC Buy/Sell

RNS Number : 9077G Royal Bank of Scotland Group PLC 09 February 2010

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.3 (1) An issuer making a notification in respect of a transaction relating to
the shares or debentures of the issuer should complete boxes 1 to 16, 23
and 24.

(2) An issuer making a notification in respect of a derivative relating to
the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16,
23 and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete
boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should
complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes in block capital letters.

1. Name of the issuer

The Royal Bank of Scotland Group plc

2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

i

3. Name of person discharging managerial responsibilities/director

Christopher Paul Sullivan

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

N/A

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

In respect of a holding of the person referred to in 3

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

Ordinary shares of £0.25

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

The Royal Bank of Scotland plc Trustee Account BAYE and Profit Sharing

8. State the nature of the transaction

Participation in The Royal Bank of Scotland Group plc Share Incentive Plan

9. Number of shares, debentures or financial instruments relating to shares acquired

381

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

0.0000007%

11. Number of shares, debentures or financial instruments relating to shares disposed

-

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

-

13. Price per share or value of transaction

£0.3280

14. Date and place of transaction

8 February 2010

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

21,155 shares 0.00004%

16. Date issuer informed of transaction

8 February 2010

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant

-

18. Period during which or date on which it can be exercised

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved (class and number)

-

23. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

-

22. Total number of shares or debentures over which options held following notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

Aileen Taylor, Deputy Secretary

0131 626 4099

Name and signature of duly authorised officer of issuer responsible for making notification

Aileen Taylor, Deputy Secretary

Date of notification

9 February 2010

This information is provided by RNS The company news service from the London Stock Exchange

RDSLLFEEFEIAIII

By Sinead Cruise

LONDON, Feb 9 (Reuters) - British Land's surprise 18 percent rise in net asset value lifted spirits among property landlords and lenders on Tuesday, but is unlikely to muffle doomsayers who claim a pricing bubble is already in prospect.
The bluechip investor said its net asset value rose to 438 pence a share in the quarter to Dec. 31, reflecting an 8 percent uplift in its 7.9 billion pound ($12.3 billion) portfolio as demand for prime UK commercial property hots up.

"Our third-quarter performance saw a continued recovery with strong valuation growth right across the portfolio," Chief Executive Chris Grigg said.
News of the improved valuations brought cheer to lenders Royal Bank of Scotland and Lloyds Banking Group , which are battling to cut property impairments after a 45 percent plunge in values between June 2007 and August 2009.
Shares in the state-backed banks gained 4 percent and 3.75 percent respectively by 0956 GMT amid hopes they could soon post mark-ups in troubled mortgages and repossessed assets.
British Land shares were trading 2.5 percent up at 449 pence, ahead of a 1.4 percent rise in broader UK property stocks.

UNSUSTAINABLE?
British Land's NAV rise trumped consensus forecasts, but the sharp rise may fuel concerns that the UK property market recovery is unsustainable.
Fears of a "double-dip" in commercial property values loom large over the market following a rapid 10 percent turnaround in values in the second half of 2009, against a backdrop of grim economic forecasts and continued pressure on rents.

"The revaluation captures the full effect of QE (quantitative easing, a bank of England economic stimulus measure) on property prices but there are headwinds," said Nomura analyst Mike Prew, pointing to rising bond yields, weakening purchasing power of euro buyers, thin occupier demand and unstable lending trends.
British Land and peers Liberty International and Segro were among the biggest FTSE 100 fallers on Monday as the market digested news of a slower-than-hoped 0.9 percent rise in average commercial values last month, after a record 3 percent hike in December.
Grigg told a conference call he believed the recovery was sustainable but he was not expecting to see many repeats of the stellar quarter.
"We continue to see interest flowing (into prime commercial real estate). What we still have not seen obviously is a huge amount of supply and so how those two things equate over time is a relatively complicated issue," he said.
British Land reported a 1.4 percent rise in like-for-like rental income to 128 million pounds and said it had observed much higher levels of leasing activity across London.
Last week, the company agreed preliminary terms to let around 220,000 square feet of office space at its Ropemaker Place scheme to Macquarie Group in the latest sign of revival in the flagging occupier market.

Despite this improved tenant demand, Grigg declined to estimate when the company might restart abandoned London development projects including the "Cheesegrater" skyscraper project at Leadenhall Street.
Instead, the company is focused on letting 650,000 square feet of available offices and devising a refurbishment and redevelopment plan with joint venture partner Blackstone at Broadgate.
"We are well positioned to take advantage of that (demand) because of the new space we have to let," Grigg said.

(Editing by Andrew Macdonald and Rupert Winchester)

($1=.6418 Pound)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters) Keywords: BRITISHLAND/ (sinead.cruise@thomsonreuters.com; +44 (0)207 542 5154; Reuters Messaging: sinead.cruise.reuters.com@reuters.net)

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

LONDON, Feb 9 (Reuters) - British Land posted an 18 percent rise in third-quarter net asset value on Tuesday, providing ballast to a rebounding UK property market still haunted by worries over loan defaults and tenant failures.
The blue chip investor, one of London's largest office landlords, said its net asset value rose to 438 pence a share in the three months to Dec. 31, above the 425 pence analysts were picking, as demand for commercial real estate rallied.
The value of its total investment portfolio grew by 8.2 percent to 7.9 billion pounds ($12.3 billion) in the period. It reported a 1.4 percent rise in like-for-like rental income compared with the corresponding quarter last year.
"Our third quarter performance saw a continued recovery with strong valuation growth right across the portfolio," Chief Executive Chris Grigg said in a statement.

"We're well placed: British Land combines a prime portfolio, strong income profile, talented people, and significant financial firepower," he said.
The improved valuations will encourage lenders Royal Bank of Scotland and Lloyds Banking Group, which are battling to cut property impairments after a 45 percent pricing plunge between June 2007 and August 2009.
British Land and peers Liberty International and Segro were among the biggest FTSE 100 fallers on Monday as the market digested news of a slower-than-hoped 0.9 percent rise in average values last month, after a record 3 percent hike in December.
Fears of a "double-dip" in commercial property values loom large over the market following a rapid 10 percent turnaround in values in the second half of 2009, against a backdrop of grim economic forecasts and continued pressure on rents.
Data from the Association of Real Estate Funds (AREF) on Monday showed a record 3.2 billion pounds flooded into unlisted pooled property funds in the final quarter of 2009, but many key investment experts predict a turbulent 2010 for UK real estate.

(Reporting by Sinead Cruise; Editing by Andrew Macdonald)

($1=.6418 Pound)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters) Keywords: BRITISHLAND/ (sinead.cruise@thomsonreuters.com; +44 (0)207 542 5154; Reuters Messaging: sinead.cruise.reuters.com@reuters.net)

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By Daisy Ku and Helen Massy-Beresford

LONDON/PARIS, Feb 8 (Reuters) - French care home group Medica's 275 million euros ($375.7 million) initial public offering was finally covered after it offered investors a 19 percent price cut, sources close to the deal said.
Citing the recent deterioration in market conditions, Medica announced before the share market opened on Monday that it would price the IPO at 13 euros per share, below a 16.00-19.50 euros indicated range, and a 24 percent discount to bigger domestic rival Orpea.
Sentiment towards IPOs has cooled in the past two weeks, with Belgian chemical company Taminco forced to postpone its 400 million euro flotation plan, as investors rejected its valuation, while UK junior board listing candidate Walton & Co. cancelled a 200 million pound ($311.6 million) flotation after it failed to attract investor interest.

Medica's IPO size remained unchanged, but under the revised terms, private equity owner BC Partners scrapped a plan to sell 15 million euros worth of existing shares via the IPO. It will offload shares only if an over-allotment option is exercised.
The over-allotment option was down-sized to 6.5 percent of the offering from 15 percent previously.
Predica, a unit of Credit Agricole and which holds 31 percent in care-home peer Korian, on Monday reaffirmed it would invest 40 million euros in the IPO, representing 15 percent of the offering.
At 13 euros each, Medica would sell its shares at 10.2 times enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA), a 24 percent discount to market leader Orpea.
While the valuation is at a 10 percent premium to domestic rival Korian, many fund managers consider Medica a bigger player than Korian.
Bookrunners Credit Suisse, Royal Bank of Scotland and BNP Paribas are closing the deal on Monday at 1600 GMT.

($1=.7320 Euro)

($1=.6418 Pound)

(Editing by Simon Jessop)

((daisy.ku@thomsonreuters.com; +44 207 542 5106; Reuters Messaging: daisy.ku.reuters.com@reuters.net))

Keywords: MEDICA IPO/

Keywords: MEDICA IPO/
* IPO priced at 13 euros/share vs 16-19.50 range
* Book covered around 0900 GMT after price cut
* Size unchanged at 275 mln euros

(Add details, background)
By Daisy Ku and Helen Massy-Beresford
LONDON/PARIS, Feb 8 (Reuters) - French care home operator Medica cut the price of shares in its 275 million euros ($376 million) initial public offering by about a quarter, the company said on Monday, clearing the way for its flotation later this week.
Sources close to the deal said the IPO had been fully taken up by investors after the company and its private equity owner BC Partners offered investors a hefty price cut, citing a recent deterioration in market conditions.
Medica said it would price its IPO at 13 euros per share, below a previously indicated range of 16.0 to 19.5 euros in an IPO likely to be closely watched by a list of other private equity firms considering IPOs as a way of raising cash from their investments.
"The market is sensitive over valuation, people need some upside," said a person familiar with the matter.
Sentiment towards IPOs has cooled in the past two weeks and Belgian chemical company Taminco for instance was forced to postpone its 400 million euro ($546.4 million) flotation plan, as investors rejected its valuation.
Elsewhere, UK junior board listing candidate Walton & Co cancelled a 200 million pound ($311.6 million) flotation after it failed to attract enough interest.
Worries about euro sovereign debt levels have lately hit markets and the Chicago Board Options Exchange's Volatility Index, a barometer of investor fear, has risen 220 basis points to 26.75 since Medica started bookbuilding on Jan. 26.
Shares in Medica's care home peers Orpea and Korian have also fallen some 6 percent to 8 percent over the same period, piling pressure on Medica's IPO.

Medica is the second big IPO in Paris this year, after UC Rusal's $2.2 billion dual listing in Hong Kong and the French capital.
The number of shares being issued in the Medica IPO was unchanged despite the price cut, putting the value of European IPOs so far this year at about $3.5 billion.
That total includes pizza-to-pubs entrepreneur Hugh Osmond's 418 million pound ($651.3 million) cash shell company Horizon , Germany special purpose acquisition company Helikos and UC Rusal.
Medica was the first of a slew of listings in Europe this year by private equity firms seeking fresh capital to lower leverage and fund growth.
Travel service firm Travelport, owned by Blackstone, is hoping to draw investor interest by offering shares at a discount of as much as 20 percent. The deal arranged by Barclays Capital, Citi, Credit Suisse, Deutsche Bank and UBS will close on Thursday.
UK fashion chain New Look, owned by Permira and Apax, is also pre-marketing a 650 million pound IPO this week in a deal handled by Credit Suisse, Deutsche Bank and J.P. Morgan Cazenove.
But to get these deals done, private equity firms may have to be flexible.
Under Medica's revised terms, BC Partners scrapped a plan to sell 15 million euros worth of existing shares via the IPO. It will offload shares only if an over-allotment option is exercised.
The over-allotment option was cut to 6.5 percent of the offering from 15 percent.
Predica, a unit of Credit Agricole which holds 31 percent in Korian, on Monday reaffirmed it would invest 40 million euros in the IPO, or 15 percent of the offering.
At 13 euros each, Medica would sell its shares at 10.2 times enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA), a 24 percent discount to market leader Orpea.
While the new valuation is at a 10 percent premium to Korian, many fund managers consider Medica a bigger player.
Bookrunners Credit Suisse, Royal Bank of Scotland and BNP Paribas were closing the deal on Monday at 1600 GMT.

(Editing by Simon Jessop and David Holmes)

($1 = 0.6418 pound = 0.7320 euro) Keywords: MEDICA/ Keywords: MEDICA/

(daisy.ku@thomsonreuters.com; +44 207 542 5106; Reuters Messaging: daisy.ku.reuters.com@reuters.net)

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.