Staggering that Hornby is being considered for a board post... I wouldn't employ him to flip burgers

its a national disgrace!! the guy should be in jail......still biying huge amount of propewrty last year when no-one was buying.....its as if he did it on purpose to bankrupt hbos

looks like another week of battering for the banks - but this seems the worst hit on every scrap of news released, if its bad news on the 'take up offer' could be a good buying opportunity at the 40 - 50p mark. Still be a long haul upwards though.

87% take up of shares.

Good take up from the open offer..............the shares down with the market at the moment FTSE 60 points on the red ........

UPDATE: Lloyds Banking Rights Issue 87% Subscribed

Lloyds Banking Group PLC (LYG) said Monday that shareholders took up 87% of its GBP4 billion rights issue being used to redeem government-held preference shares in a move aimed at cutting financing costs and freeing the bank to pay dividends.

It said the advisers managing the offer will try to place the 13% of remaining shares in the market. As long as the offer is fully taken up by shareholders the government's stake in the bank will for the time being stay at 43.5%.

Lloyds shareholders on Friday voted overwhelmingly in favor of replacing the government-held preference shares with ordinary shares.

The Times reported Monday that Lloyds is expected to repay about GBP2.3 billion to the U.K. Government this week, becoming the first lender in Europe to return bailout money to the taxpayer.

Replacing its preference shares will save the bank GBP480 million in annual interest to the government and would allow it to pay dividends. Conditions attached to the government-held shares prevented it from paying dividends until all of the shares had been redeemed.

Chairman Victor Blank said Friday he was confident the rights issue would be well subscribed as Lloyds shares had traded well above the 38.43 pence issue price of the new shares.

The shares fell in early trading Monday. At 0710 GMT, they were down 2 pence, or 2.9% at 64 pence. They have fallen 36% since the start of the year and are down 76% over the last 12 months.

Deutsche Bank upgraded the stock Monday to buy from sell, lifting its target price to 100 pence from 35 pence. It said the shares present a value opportunity even though there was a risk they would underperform in the short term because of pressure on margins and loan losses in the first half earnings.

The preference shares were issued in connection with a total GBP17 billion capital increase by HBOS and Lloyds TSB before they merged in January, which resulted in the government taking a 43.5% stake in the combined group.

Since the merger, amid a steep increase in impairments stemming in large part from HBOS' commercial loans portfolio, Lloyds has joined the government's asset protection scheme to protect itself from further losses on troubled or risky assets.

Lloyds has insured assets valued at GBP250 billion, of which 83% were identified as former HBOS loans.

Lloyds is paying a GBP15.6 billion fee for the scheme, and must also cover first losses up to GBP25 billion, after which the insurance kicks in and the government will bear 90% of further losses.

The bank said in early May that it has already incurred impairments that are covered by the scheme.

To finance the fee as well as the first loss, Lloyds is planning to issue B-shares that carry a fixed dividend to the government, which could take its stake to 62% if converted to ordinary shares

Presure on the shares as the rest of unsold shares at the placing, are looking for a HOME,
at the same time the day is not right as the FTSE is well down

...................... Intraday Chart ........................................................................... 7 days

On the other hand ..........

Lloyds upgraded to buy from sell at Deutsche Bank

Deutsche Bank upgraded Lloyds Banking Group (UK:LLOY 66.20) to buy from sell, saying that, with the question of solvency mostly dealt with, Lloyds looks cheap based on likely post-crisis earnings.

In the short-term, Deutsche Bank said it expects the bank to post extremely weak first half earnings, due to sharply lower interest margins and elevated loan losses.

Deutsche Bank also said there are significant regulatory risks remaining, since the EU is yet to sign off on government capital injections and is likely to impose some limits on the bank's activities or possibly require asset sales.

even this not doing them any favors - down nearly 8% , thats not market sentiment mate, thats something somebody knows - but not us.

with 30% more Buys than sells today and now down 10 % - something is afoot, I wouldn't be surprised if we saw another Bradford and Bingley, Northern Rock escapade here. You'll end up without a penny if your not careful - Let Deutsche Bank buy em ! They'd have bigger balls than me if they did.

Don't say I didn't warn you!

Just read the RNS that was released at 2.08pm - They've found placings at 60p for last 13% of the offer - Bet that makes you all feel happy !! What a con, I wondered who was offered the shares at that price when they opened at 66.5p
Hopefully it will stabilize around the 60p mark - if not I'd hate to think where it will drop too.

re - They've found placings at 60p for last 13% of the offer

It was just market manipulation to bring down the shares to the point were Institutions were ready to buy the shares

Think sour grapes comes to mind for nord, and hlyeo98 who didn't take up the offer and would rather spend their time spreading doom and gloom.
Barcs 284p doom and gloom said 250 and below......
Lloyds 61 and holding, doom and gloom said 30 and below.......
Suckers.

Ask Hyleo how his RBS shares are doing, hardly an expert in anything ;)

hyleo had yell sub 20p and almost doubled......had smdr At 70p or less and almost 2 quid......the list goes on.

hyleo is an expert in nothing! with no info either......i reckon he is a 15 year old with free lessons and reckons he's a young buffett in the making.

what did muppet hyleo say about rbs? just want to know to add to the collection of his clangers

Lloyds closing all C&G branches

A good day for the banks and LLOY is doing better than any today

From another LLOY thread, wonder if it can be applied to someone "hated" over here ........

s......... - 9 Jun'09 - 10:49 - 77808 of 77817
E.....th
Poor unbringing, clearly lives in a council house full of rats.

2% isn't exactly flying , but at least its positive for a change, 60p seems to have found the bottom (for now) - With job cuts and branch closures it should make it a good long term bet. With institutions taking up the remainder of stock yesterday, we will see another tumble when they sell their stakes at 10 - 15% profit. Bought 5k yesterday at 60.7p but will be out at 10% profit.