Lloyds Banking Group has moved to place a further 15% of St James's Place (SJP) shares that it owns into the market in a surprise move which will leave it with just 21% of the company's share capital.
In a surprise move which will leave it with just 21% of the company's share capital, the semi state-owned bank said it intends to sell a further 77m shares following a special agreement from book runner BofA Merrill Lynch. The move comes hot on the heels of a placing of 20% of SJP's shares in March, a deal which netted the bank £400m. BofA Merrill Lynch has agreed to waive the terms of the March deal, which prevented Lloyds from further placements until March 2014. Lloyds said it would make a gain of £40m on the sale. With St James's Place shares currently trading at 638p, the mark...
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