Lloyds Banking Group expects to raise about £520m from the sale of part of its stake in wealth manager St James's Place (SJP).
Lloyds, which announced on Monday it intends to sell just over a third of its total 57% stake in the business, has placed 101,703,070 shares at a price of 510p per share. That represents a substantial discount of 5% to yesterday's closing share price of 536.5p. The gross proceeds of the placing are approximately £520m. Settlement of the placing will take place on 15 March and, on completion, Lloyds will hold about 37% of SJP's issued share capital. Lloyds has agreed with BofA Merrill Lynch that, for a period of one year following completion of the share placing, it will not make...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes