Exchange of Preference Shares

RNS Number : 2371L

Lloyds Banking Group PLC

04 May 2010

 



4 May 2010

Exchange of Preference Shares for Ordinary Shares

Lloyds Banking Group plc ("Lloyds Banking Group") announces that it is in the process of concluding a limited number of privately negotiated trades to repurchase approximately:

(i)         U.S.$161,000,000 of its 5.92 per cent. Non-Cumulative Fixed to Floating Rate Preference Shares (ISIN: USG5533WAB30/US539439AD11 (ADRs); GB00B3KSBJ07 (preference shares)); and

(ii)        U.S.$136,000,000 of its 6.267 per cent. Non-Cumulative Fixed to Floating Rate Preference Shares (ISIN: US539439AB54/ US539439AA71 (ADRs); XS0460002693 (preference shares)),

(together, the "Preference Shares") for cash (the "Cash Amount") on 7 May 2010.

Assuming that all such Preference Shares are repurchased, the resulting Cash Amount will be applied in the payment up and issue to the sellers of such Preference Shares of approximately 200,000,000 ordinary shares of 10 pence each in the share capital of Lloyds Banking Group (the "Ordinary Shares") on or around 7 May 2010.

Application will be made for the Ordinary Shares to be admitted to listing on the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange plc from on or around 7 May 2010.

It is expected that the repurchased Preference Shares will be cancelled on or around 11 May 2010.

For further information:

Investor Relations

Michael Oliver                                                           [phone]
Director of Investor Relations
Email: [e-mail]

Moira d'Arcy                                                             [phone]
Head of Debt Investor Relations
Email: moira.d'[e-mail]

Media Relations

Sara Evans                                                              [phone]
Media Relations Manager
Email: [e-mail]

This announcement is not an offer for sale of any Ordinary Shares or any other securities of Lloyds Banking Group plc.

This announcement does not constitute a prospectus and no prospectus for the purposes of EU Directive 2003/71/EC and the applicable implementing measures will be published relating to the Ordinary Shares and/or the issue and subscription thereof.

This announcement and the information contained herein do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

 

END

 

 

CAREAKSLEFNEEEF