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Lloyds raises £520m from SJP sale
Markets
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.
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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.
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