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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

Lloyds to land £450m through 15% SJP stake sale

Lloyds has confirmed it will raise £450 million by selling a further 15% of its St James's Place (SJP) stake.

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.

It follows a previous sale by the bank, and an announcement to its investors earlier yesterday that its capital position had passed a regulatory probe.

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.

1 comment so far. Why not have your say?

Anonymous 1 needed this 'off the record'

May 23, 2013 at 14:19

Now sell Scottish Widows and use the proceeds to repay the tax payer!

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