Lloyds hails rights issue a success
Lloyds hails rights issue a success
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Monday, 14, Dec 2009 10:48
By Richard James.
Lloyds Banking Group has hailed its £13.5 billion rights issue a success this morning after it revealed 95 per cent of the shares on offer had been taken up.
The results are better than a previous rights issue in June when 13 per cent of those on offer were not snapped up.
The issue is part of a £22.5 billion plan to strengthen the bank's balance sheet and allow it to break out of the government's asset protection scheme.
The Treasury, which owns 43 per cent of the banking group, took up its rights to new shares.
Commenting on the success of the rights issue, Lloyds Banking Group chief executive Eric Daniels 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."
Lloyds' shareholders had been offered the chance to but 1.34 new shares for each existing share at 37p.
At 10:40 GMT the shares were trading at 56p on the FTSE 100.