LONDON--Lloyds Banking Group PLC (LLOY.LN) said Monday that it
intends to sell an anticipated minimum 102 million shares in
financial services group St James's Place PLC, representing
approximately 20% of the company's existing issued ordinary share
capital.
MAIN FACTS:
-Placing reflects Lloyds' strategy to simplify the group and
focus on its core customer franchise.
-The proceeds of the placing will be used for general corporate
purposes.
-Institutional shareholders will be sought for the Placing
Shares on the Group's behalf by BofA Merrill Lynch through an
accelerated bookbuild.
-The price at which the Placing Shares are to be placed will be
agreed by Lloyds and BofAML at the close of the bookbuilding
process.
-Following completion of the Placing, assuming the sale of a 20%
stake, Lloyds will hold approximately 37% of the Company's issued
share capital, and has agreed with BofAML that it will not, for a
period of at least 365 days following completion of the Placing,
make any further disposals from its remaining holding in St James's
Place.
-Lloyds continues to be supportive of the St James's Place
management team, which will remain unchanged as a result of the
Placing.
-Lloyds shares closed Monday at 50 pence valuing the company at
GBP35.17 billion.
-St James's Place shares closed Monday at 537 pence valuing the
company at GBP2.72 billion.
-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter:
@RoryGallivan
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