View the article online at http://citywire.co.uk/wealth-manager/article/a681499
Lloyds to land £450m through 15% SJP stake sale
by Sarah Miloudi on May 23, 2013 at 07:14
The state-backed bank announced on Wednesday it planned to trim its holding of the listed wealth manager, by placing 77 million ordinary shares on the market.
Lloyds followed these announcements up today by telling its investors that gross proceeds from its latest sale would be £450 million, with each share being sold for £5.80.
A successful placing of the SJP shares at this price would result in a gain for Lloyds of £40 million, and leave the bank with 110 million shares in the FTSE 250 wealth network.
From a capital perspective, the latest sale will increase Lloyds' common equity tier one capital by approximately £500 million.
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