U.K. government to sell additional Lloyds Banking shares
UK Financial Investments Limited announces that it intends to continue to sell Her Majesty's Treasury's shareholding in Lloyds Banking Group (LYG) over the next twelve months through a pre-arranged trading plan that will be managed by Morgan Stanley (MS). Under the trading plan, Morgan Stanley will have full discretion to effect a measured and orderly sell down of shares in the Company on behalf of HMT. The trading plan will commence today and will terminate no later than October 6, 2017. HMT has instructed Morgan Stanley that (a) up to, but no more than, 15% of the aggregate total trading volume in the company may be sold over the duration of the trading plan, and (b) shares may not be sold under the trading plan below a certain price per share that UKFI and HMT have determined represents fair value currently and continues to deliver value for money for the taxpayer. HMT currently owns approximately 6.5B ordinary shares in the company, which represents approximately 9.1% of the issued ordinary share capital of the company.