Lloyds Banking Group (LLOY.L,LYG) announced that 77 million shares of St James's Place plc. (STJ.L) have been placed at a price of 5.80 pounds per share. The gross proceeds of the Placing are about 450 million pounds.
Settlement of the Placing will take place on 29 May 2013. On completion, Lloyds will hold 110 million St James's Place shares or approximately 21 per cent of the Company's issued share capital.
The existing 365 day lock-up, agreed at time of the prior placing in March, will remain in place in respect of Lloyds' remaining holding in St James's Place and, in addition, cannot be waived for at least 180 days from the date of completion, Lloyds Banking said.
As a result of the Placing, Lloyds Banking will realise a gain on sale of about 40 million pounds. Lloyds said the Placing will increase the Group's core tier 1 capital by approximately 40 million pounds, equivalent to an approximate 1 basis point benefit to its core tier 1 capital ratio. On a pro forma fully loaded CRD IV basis, the Placing will increase the Group's common equity tier 1 capital by approximately 500 million pounds, equivalent to an approximate 16 basis points benefit, Lloyds said.
Following the Placing, Lloyds Banking said it expects to continue to account for St James's Place as an associate, reflecting the Group's share of the Company's profit within its income statement. The statutory profit after tax but before minority interest attributable to St James's Place in the Group's accounts for the year ending 31 December 2012 was 76 million pounds.
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