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Lloyds to begin Government payback

Lloyds Banking Group will become the first UK state-aided bank to begin to pay bank its £4bn Government loan.

The bank has revealed that 87 per cent, or £3.6bn, of its open offer shares were accepted by shareholders last week. It will use these proceeds, along with cash reserves, to eventually pay back £4bn to the Government.

Shareholders accepted an offer to buy new shares at 38.43 pence each, a discount to Friday’s closing price of 66.2 pence.

The Government currently controls 43 per cent of the group after it allowed Lloyds into the asset protection scheme in January. This successful share offering will mean the state will only take the remaining rump of shares after shareholders are offered the last 13 per cent. The group says the State’s eventual share will be revealed “in due course”.

Initially the bank will buy back 3,475,284 shares from the Treasury, which could equate to around £2.3bn of the total amount owed.


Blue Sky says investors are safe from KeyData losses

Blue Sky Asset Management, the structured investment provider, announced today it does not believe investors in its plans would incur any losses following the Financial Services Authority’s move to put KeyData Investment Services (KIS) into administration.In a statement Blue Sky said while all of its plans are administered through KIS the assets of its clients […]

BlackRock UK Special Situations gets AAA rating

Old Broad Street Research (OBSR) has upgraded the BlackRock UK Special Situations fund to AAA following a ratings meeting on May 14.The fund, managed by Richard Plackett since 2004, has lost 10.49% over three years compared with a 14.88% average fall in the Investment Management Association (IMA) UK All Companies sector.Plackett also manages the BlackRock […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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