Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a665174

Lloyds raises £520m from SJP sale

by Alex Steger on Mar 12, 2013 at 07:38

Lloyds raises £520m from SJP sale

Lloyds Banking Group has raised around £520 million from institutional investors from the sale of a 20% stake in advice group St James’s Place.

Yesterday Lloyds announced it planned to sell a 20% stake, or 102 million ordinary shares, in SJP from which it would realise a gain of between £350 million and £400 million.

This morning the bank announced it had placed 101,703,070 shares at a price of £5.10 per share putting the gross proceeds of the placing at around £520 million.

Following the sale of 20%, Lloyds will be left with a 37% holding in SJP and it will not sell any more shares in the firm for at least a year.

Lloyds inherited a 60% stake in SJP when it took over HBOS in 2008.

1 comment so far. Why not have your say?

Ian Lees

Mar 16, 2013 at 17:54

I suppose that is what happens when you have a bank which is so insolvent - corrupt strategies against customers - shoddy selling practices - hiding behind " Lloyds" name when the reality is it is Edinburgh based bank TSB who are the owners and give direction to the remains of their workforce ( after shedding the good quality people ), as part of the humiliating and bullying strategies designed by the Directors - as part of their business IE Money lending - which is why theri fiddling of Libor rates is so criminal - yet no one has been jailed.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Look up the shares

  • Lloyds Banking Group PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • St. James's Place PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet