From Mail online

Lloyds rights issue sees more than 90% take-up - 12th December 2009

Lloyds Banking Group will tomorrow (Monday) claim success for its 13.5 billion cash call, with figures expected to show that more than 90 per cent of shares have been taken up.

That scale of buying from existing shareholders would compare well with the bank's cash-raising earlier this year, in which 13 per cent of the shares were left unsold and had to be placed on the market in a rump sell-off.

Bankers are confident that any rump of shares after this rights issue will be placed by the end of trading tomorrow.

Shares in Lloyds closed last week at 56p. Once adjusted for the effect of the new shares in issue and cash raised, this price is almost unchanged on their level immediately before the rights issue was announced.

The Government, which owns 43 per cent of Lloyds after last year's banking bailouts, has taken up its rights to new Lloyds shares in full and most City institutions are expected to have followed suit. But many small investors, burnt by the crash in value of shares in Lloyds and its HBOS subsidiary over the past two years, are thought to have ignored the rights offer or taken up only part of their entitlement.

Analysts have welcomed the apparent success of the cash call. Ian Gordon, banking analyst at broker Exane BNP, said: 'The pain and suffering of Lloyds shareholders could soon be over.'

A strong take-up will be particularly welcome for chief executive Eric Daniels, who has faced criticism for his decision to buy HBOS late last year, a move that has lumbered the group with billions of pounds of losses.

The issue, which closed at 11am on Friday, aimed to raise 13.5 billion by issuing about 36 billion new shares at 37p a share.

It was announced last month alongside an offer to exchange some debts for a new type of investment called contingent capital, or 'CoCos', which will convert to shares if the bank hits a fresh financial crisis. The extra capital has enabled Lloyds to remain outside the Government's insurance scheme for toxic assets, known as the Asset Protection Scheme.

Had Lloyds been forced to join this it would have had to issue the Government with extra shares, giving the Treasury majority ownership. As it is, the Treasury stake will remain at 43 per cent.

Royal Bank of Scotland, which is putting hundreds of billions of assets into the APS, will end up 84 per cent State-owned as a result.

STRONG SUPPORT FOR THE RIGHTS ISSUE



TIDMLLOY

RNS Number : 0435E
Lloyds Banking Group PLC
14 December 2009



121/09
14 December 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, HONG KONG, ISRAEL, JAPAN,
THAILAND OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
LLOYDS BANKING GROUP PLC ANNOUNCES STRONG SUPPORT FOR THE RIGHTS ISSUE
Unless otherwise defined in this announcement, capitalised definitions shall
have the same meaning as in the rights issue prospectus (the "Prospectus")
published on 3 November 2009 by Lloyds Banking Group plc (the "Company" or
"Lloyds Banking Group") in connection with the Rights Issue.
Following the closing of the Rights Issue offer period on 11 December 2009,
Lloyds Banking Group announces that it has received valid acceptances in respect
of 34,794,322,592 New Shares representing approximately 95.314 per cent. of the
total number of New Shares to be issued pursuant to the Rights Issue announced
by the Company on 3 November 2009.
Commenting on the results of the Rights Issue, 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."
It is expected that the New Shares in uncertificated form will be credited to
CREST accounts on 14 December 2009 and that definitive share certificates will
be dispatched to shareholders by no later than 29 December 2009.
It is expected that the New Shares will commence trading fully paid on London
Stock Exchange plc's main market for listed securities on 14 December 2009.
As disclosed in the Prospectus, BofA Merrill Lynch, UBS Limited and Citigroup
Global Markets U.K. Equity Limited, acting as joint global co-ordinators, will
use reasonable endeavours to procure subscribers for the balance of New Shares
for which valid acceptances were not received. A further announcement as to the
number of New Shares for which subscribers have been procured will be made in
due course.




- END -

Lloyds Banking Group Gets 95.314% Rights Issue Takeup

LONDON -(Dow Jones)- Lloyds Banking Group PLC (LLOY.LN), said Monday that it has received valid acceptances in respect of 34,794,322,592 new shares representing 95.314% of the total number of new shares to be issued pursuant to the rights issue announced by the company on Nov. 3.

MAIN FACTS:

-It is expected that the new shares will commence trading fully paid on London Stock Exchange main market for listed securities on Dec. 14.

Supper % take up 95.314, much better than anticipated and difficult to reach that percentage on such a large Right Issue.

Shares moving higher with the market

They expected to place the rump within two hours using a "single digit", so most likely we will know the price later .........


Lloyds Banking Group today hailed the success of Europe's biggest ever secondary share issue with its 13.5 billion rights issue taken up by more than 95% of investors.

That was far higher than most analysts had expected and better than the 87% take-up seen in an earlier fundraising this year.

Investment banks Bank of America Merrill Lynch, UBS and Citigroup were expected to have placed the rump of the issue of some 1.8 billion new shares in the stock market within two hours.

All bank shares rose sharply today on the back of positive debt news from Dubai with Lloyds shares up 1p to 57p. The new shares were sold at 37p each. Eric Daniels, 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."

The rights issue is the second part of Lloyds' fundraising as it has also raised 10 billion in fresh capital through a switch of bonds into convertible notes known as CoCos. The Treasury took up its rights in the share issue, maintaining the taxpayers' stake at 43%.

Lloyds' army of 2.8 million small shareholders is believed to have either ignored the issue, sold their right to buy new shares or used "tail swallowing" to take up some shares and sell other rights to avoid laying out extra cash.

Lloyds seen pricing rump at around 56p - traders
Mon Dec 14, 2009

LONDON, Dec 14 (Reuters) - Britain's Lloyds Banking Group (LLOY.L) is placing the rump of its record
13.5 billion pound ($21.9 billion) rights issue at around 56 pence per share, with the placing
closing at 1000 GMT, traders said on Monday. One of the traders said the shares, worth just
over 600 million pounds ($970 million), could be placed at just above 56p.

The bank is expected to detail the official results later on Monday.

Lloyds Banking Group announces that BofA Merrill Lynch, UBS Limited and
Citigroup Global Markets U.K. Equity Limited, acting as joint global
co-ordinators, have today procured subscribers for all of the 1,710,765,987 New
Shares for which valid acceptances were not received under the Rights Issue (the
"Rump"), at a price of 55.5 pence per New Share, a premium of 18.5 pence to the
Issue Price of 37 pence per New Share.

They managed to bring the price further down to 55.50p as 11 am time most likely used as RUMP price ..............


COMPLETION OF THE RIGHTS ISSUE PLACEMENT

Lloyds Banking Group announces that BofA Merrill Lynch, UBS Limited and
Citigroup Global Markets U.K. Equity Limited, acting as joint global
co-ordinators, have today procured subscribers for all of the 1,710,765,987 New
Shares for which valid acceptances were not received under the Rights Issue (the
"Rump"), at a price of 55.5 pence per New Share, a premium of 18.5 pence to the
Issue Price of 37 pence per New Share.

So thats 111p then :-)

Master RSI

Rump sold 55.5p being the best price that was available for the take up of the whole.
Previous closing price has no connection to the placing price. How can it when even the size of the rump is still unknown at the time.

re - Previous closing price has no connection to the placing price

We know that, placing price was 37p.
But has a close conection to the price of the rump next day

It was argued that the Institutions did not have enough money to pay for the rump at around 56p so they brought the price further down, to around the price they were ready to take them up, after opening well up.


re - How can it when even the size of the rump is still unknown at the time.

A very good point
But it closed at 11am on Friday, they had a few days counting already, and by late afternoon they had a good idea of the % that at the end was much better than expected.
The price is allways manipulated on advanced of information

Master RSI

Pointless continuing this because amongst a number of other things, you obviously don`t even understand how a placing works.
As it appears you post the majority of the content on this thread I will leave you in peace, and blissful ignorance.

Yer but he posts good cartoons?

Perhaps 37p is what the share is worth.

Just asking?

8-)


I






















Ps I always thought the Market fixes the price, if not the value of a share,


I didn't know it was RSI at his influential best!

Well done Master RSI, many thanks for keeping us informed. 55.5p then and not the massive discount the shorters were trying to frighten people with.

cheers mate..GF (slater)

"nom de plume"

Comeback you "clever clocks", so you can see yourself on the eyes of "tabasco" day time and at night, maybe you should try not to be so arrogant.

Rump placing
Is done by the book runners trying to find the price that Institutions are prepare to agree.

RSI, Are the above self portraits ?

Fred1new

Fools like you can not read it seems.

You got an email, it says ......Are you a B@stard? and your answer was YES
Glad we all know now

I have worked it out.

You are on the couch. Boasting as usual!

You are well wrong

re - You are on the couch

I am sitting on a chair posting along

Maybe you are looking with tinted glasses, I am a very energetic person,
"settees" are not for me, all my lying down are in bed and only at night.