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 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.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
On the road
by Dylan Lobo on Mar 12, 2014 at 10:01