Lloyds to net £450m in sale of 15% SJP stake

The bank announced yesterday that it would placing 77m SJP shares in the market. Today it has said that the shares have been place at £5.80 a share. The bank said it would make a gain of £40m on the sale, which would increase its core Tier 1 capital by the same amount. 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. The existing 365-day lock-up agreed at the time of the prior plac...