RBS shareholders

Indubitably, Stephen Hester, the “surgeon of Royal Bank of Scotland leaves taxpayers stitched up”, as George Kerevan clearly shows in his analysis. (Perspective, 14 June). However, it is the cartoon that graphically reveals the often-forgotten small shareholder, excluded from the trough.

Small shareholders have not only suffered a plummeting share price but also subdivision and consolidation of shares. Hence, for example, 1,000 shares, which five years ago worth £2,600, have now become 100 shares worth about £300.

Surely the perception of small shareholders is that their holdings are 90 per cent less than they were, relatively worthless and don’t pay a dividend.

Ellis Thorpe

Inverurie, Aberdeenshire