Lloyds Banking Group: HM Government Cuts Stake to 11.98%
September 25 2015 - 2:46AM
Dow Jones News
By Ian Walker
LONDON--The British government has reduced its stake in Lloyds
Banking Group PLC (LLOY.LN) by another percentage point to 11.98%,
the latest in a series of small share sales in the bailed-out
bank.
Lloyds said Friday that the government now owns 8.55 billion
shares, or 11.98% of the bank's voting rights. It previously held
9.25 billion shares.
No price was disclosed for the share sale, which was conducted
on Thursday.
Lloyds, the U.K.'s biggest retail bank, was bailed out by U.K.
taxpayers during the financial crisis, with the government taking a
39% stake. The government started selling its shares in Lloyds in
late 2013.
After initially selling portions of Lloyds directly to investors
through accelerated placements, in December the government mandated
Morgan Stanley to gradually sell stock up to the end of June. On
June 1, the program was extended to Dec. 31. The government also
said it would launch a share sale that would be open to retail
investors in the next 12 months.
Chancellor of the Exchequer George Osborne said in March that
the government would sharply reduce its stake in Lloyds in the next
year to raise at least 9 billion pounds ($14.11 billion). He said
Lloyds' return to profit and the resumption of dividend payouts
this year means "we can continue our exit from that bailout."
Mr. Osborne didn't give details on how the share sale would be
carried out.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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(END) Dow Jones Newswires
September 25, 2015 02:31 ET (06:31 GMT)
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