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.

Fred1new

A little bird just toldme ...........

You are an atheist and a coward at the same time.

An your neighbours are ready to pounce on you, ( they still remember, the Fifth of November - you burned their house )
so you better keep posting instead of going out, the baseball bat will not save you or you growing up sons.

They have in mind broken legs just like you have done to them.
and if that is not enough, the Mossad are monitoring you wereabouts.

Fred1new - 07 Jan 2009 00:03 - 13 of 1339
I had a neighbour whose kid was a bloody nuisance for 2-3 years. I asked his parents to stop him firing his catapult at my glass house. I warned him time and time again.

I was fed up. The police didn't want to know,
Finally, I went round one night, set fire to their house and as they came running out broke their legs of the kids and one parent with my baseball bat.
Put a stop to that.
Only problem is that I find difficulty in sleeping at night because they threatened to kill me.
Its OK because my kids are now grown up and they also have catapults and baseball bats.

New broker upgrade out this evening......

Lloyds Banking Group Financial Hold 67 55.75 20.2% NCB Stockbrokers(ESN)

They see a 20.2% discount on the stock to there SP target of 67p.