U.K. to Launch Retail Sale of Lloyds Shares
October 05 2015 - 3:21AM
Dow Jones News
By Razak Musah Baba
LONDON--The British government on Monday said it plans to sell
at least GBP2 billion ($3.04 billion) worth of shares in Lloyds
Banking Group PLC to the general public next spring as part of a
broader move to sell its stake in the bailed-out lender.
The government, which said it intends to fully exit its Lloyds
position in the coming months, said proceeds of the share sale to
retail investors would be used to pay down national debt.
HM Treasury said members of the public would be offered a
discount of 5% of the market price when buying shares and that a
bonus share would be awarded for every 10 shares for investors who
hold on to the stock for more than a year.
Lloyds 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 and now holds a
11.98% stake.
Write to Razak Musah Baba at Razak.Baba@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 05, 2015 03:06 ET (07:06 GMT)
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