UK-based Lloyds Banking Group Plc (LYG,LLOY.L) said Monday that it has received valid acceptances in respect of its 34.79 billion new shares and shareholders have subscribed about 95.314% of the total number of new shares to be issued. The company closed its Rights Issue on Friday.
The Rights Issue was priced at 37 pence on the basis of 1.34 new shares for every 1 existing ordinary share held at the record date. Lloyds expects gross proceeds of GBP 13.5 billion from the Rights Issue. According to the company, the new shares will represent 57.3% of the enlarged share capital of Lloyds Banking, immediately following completion of the Rights Issue and Share Subdivision. The company expects to credit the new shares in uncertificated form to CREST accounts on December 14 and will dispatch definitive share certificates to shareholders by no later than December 29. The company expects that the new shares will commence trading fully paid on London Stock Exchange Plc's (LSE.L) main market for listed securities on December 14. According to Lloyds Banking, the joint global coordinators will make attempts to purchase subscribers for the balance of new shares for which valid acceptances were not received. On November 3, the company had announced its proposals intended to meet its current and long-term capital requirements. The proposals included the generation of at least GBP 21 billion of core capital, immediate 230 bps increase in core tier 1 capital ratio and the disposal of a retail banking business with a 4.6% current account market share and about 19% of the group's mortgage balances. The bank then said that the proposal to generate at least GBP 21 billion of core capital comprises GBP 13.5 billion rights issue and exchange offers to generate at least GBP 7.5 billion of contingent core tier 1 and/or core tier 1 capital. Eric Daniels, Group chief executive said, "I would like to thank our shareholders for their considerable support for our capital raising programme. Our focus remains on delivering on our plans to become the UK's leading financial services company, which we believe will result in significant benefits for all our shareholders." LYG closed Friday's regular trading at $5.12 on the NYSE.
LLOY.L is currently trading at 55.58 pence, down 0.64 pence or 1.14%, on a volume of 319.32 million shares.
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