Further to the announcement on 3 November 2009, pursuant to which Lloyds Banking Group plc ("Lloyds Banking Group") invited Holders of certain Existing Securities to Offer to Exchange their Existing Securities for Enhanced Capital Notes, or, in the case of the Non-U.S. Exchange Offer only, an Exchange Consideration Amount, Lloyds Banking Group hereby announces, inter alia, the form in which the Exchange Consideration will be settled and the New Shares Price, as set out in the Exchange Offer Memorandum dated 3 November 2009

Business Financial Newswire
"Lloyds Banking Group will issue 3,140,686,402 new shares on 18 February as part of the capital restructuring announced in November.

The new shares price is 0.486985 - a premium of 1.15% to the closing price of an ordinary share yesterday (11 February). "

Final results out on friday 26th Feb '10.
I wonder if they will have the same effect as the BARC results to their sp?

results better be good for shareholders to justify any bonus paid to Eric Daniels.

can we cross the red line today??

it is trying.....be good to get away from 50p.....and then a good week ahead

Lloys Eric Daniels set to waive his bonus.I take that as a negative for the 26th Feb resultsif they read goodhe would have taken the pot.. plus!

Yes - he just takes his 1.035 million salary - must be tough!

i read somewhere it is more in the banks profit margin if exec's dont receive cash bonus.....so shares option for 2012 helps the books......all will become clear friday

LLOYDS BANKING GROUP STATEMENT

Skinny.you only have to read that statement and you can see Eric is all heart.

:-) - roll on Friday!

....Ostensibly, Lloyds' capital position looks relatively strong with a core tier one ratio of 9.1%. However, the Basel committee's proposed changes could potentially reduce this ratio to just 5.3%, possibly necessitating the sale of the group's life insurance business. This would entail further earnings dilution, with 9% of normalised earnings estimates currently accounted for by this business. With a the shares trading at around 7 times normalised earnings, roughly in line with the European banking sector, they appear fully valued given the weak growth outlook and the challenges facing the business. The shares should be avoided.

http://uk-analyst.com/shop/page-article/action-article.show/id-130003327

Broker note out today from UniCredit pre-results:
"We forecast a pro-forma loss of GBP 6.2bn versus the LBG-supplied consensus of GBP 6.7bn. We expect management to paint an upbeat picture of credit quality, but believe that funding is a significant and enduring headwind for the group.
Credit quality likely the most watched item: We forecast GBP 22bn 2009 impairments. Given this huge number, 2010 should be much lower (we estimate GBP 10bn) and a statement on bad debts having peaked would be much less powerful than at Barclays. LBG would also fare badly relative to the sector in the event of a double dip, we believe. But funding still a question mark: LBG recently disclosed that its government funding stood at GBP 165bn. We expect this number (if disclosed) to be lower for year-end given rights issue cash and run-off of some consumer credit. But we believe that funding is LBGs largest challenge, with this set of results unlikely to settle the debate.
Forecasts, target price and recommendation remain unchanged:
We retain our GBp 50 price target, in line with our estimate of 2010E tangible equity per share. That gives a price to tangible book multiple of 1.04x. While not expensive in absolute terms, we believe that better value can be found at Barclays (Buy, 0.92x) and RBS (Hold, 0.78x)"

Plus 10% on a few LLOY. To hold or not to hold - that is the question. Signs for tomorrow look good meaning they'll bomb on the news.
Sitting on my hands for now...

I'm holding for tomorrow (also HSBC reults out mon so all banking sector may get another boost on anticipated good results).

Results

24bl of impairments ffs however impairments fell significantly in H2/09. well thats put all investors minds at restI dont get it?

Business Financial Newswire
"Lloyds Banking Group reported the combined businesses loss for full-year 2009 was 6.3bn, down from 6.713bn the previous year.

Statutory profit before tax of 1.042bn in thre full-year 2009 (2008: 760m) including an 11.173bn acquisition-related negative goodwill credit.

The group said there was a resilient core businesses performance despite year-on-year margin pressure and weak economy, with 35bn of gross new mortgage lending and approximately 100,000 new commercial accounts.

Total income, net of insurance claims, increased by 12% to 23.964bn due to the absence of 3.4bn of mark to market losses on the Group's treasury asset portfolio and gains of 1.5bn on capital transactions, which were partly offset by significant year-on-year margin pressures.

Banking net interest margin improved to 1.83% in the second half of the year, compared to 1.72% in the first half.

Integration was ahead of schedule and the cost synergies target increased to 2bn run-rate by the end of 2011. Total cost synergies of 534m have been realised during the year. Annualised run-rate savings totalled 766m at the year end.

Total impairments were significantly higher at 23.988bn for 2009. Second half impairments were 21% lower than in the first half of 2009.

Lloyds said it expects to see a similar pace of half yearly improvement throughout 2010, with further substantial reductions in 2011 and beyond.

Core tier one capital stood at 8.1% following the successful capital raising in December 2009. Wholesale funding maturing in more than one year increased from 44% to 50%.

The group said the economy is showing signs of stabilisation, with weak upturn expected in 2010. Significant improvement in the performance of continuing businesses is expected in 2010. "

Put this share out of its misery - nationalise the thing and have done with it!!