Lloyds Banking Group Plc. (LLOY.L,LYG) noted that Sabadell's offer for TSB Banking Group plc is now unconditional in all respects, following the receipt of all relevant regulatory clearances.
The company said this effectively completes the sale of the Group's remaining 40.01 per cent stake in TSB to Sabadell for a consideration of about £680 million.
The sale of TSB represents the Group's continued delivery of its commitment to the European Commission or EC under the terms of the state aid decision. The Group will now seek confirmation from the EC of its compliance with its Retail business disposal commitment, which it expects to receive well ahead of the mandated deadline of 31 December 2015.
The Group continues to provide services to TSB under the Transitional Services Agreement.
At the time of the initial public offering or IPO of TSB in June 2014, the Group implemented a bonus share scheme pursuant to which certain retail investors acquiring shares in TSB through the IPO and holding those shares to 25 June 2015 (12 months post IPO) would be entitled to receive a number of free and fully-paid up additional shares.
In March 2015, with the support of the TSB Board, the Group announced it would pay any investors entitled to receive Bonus Shares the cash value of those Bonus Shares at the offer price. Such investors are expected to receive their cash entitlements on or around 17 July 2015.
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