Lloyds sells another £160m of TSB shares

 
Tim Wallace
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LLOYDS last night announced it would sell another 11.5 per cent of its shares in TSB, the spin-off bank it floated in June.

The sale of an extra 57.5m shares will cut Lloyds’ holding in TSB to around 50.5 per cent.

At last night’s closing price of 280p, the offering will net Lloyds £161m.

Lloyds can sell the shares now as the 90-day lockup agreement after the float has expired, and it has squeezed in a sale before corporate results season kicks off – stopping any action – next month.

After this sale the bank has agreed to a fresh 90-day lockup.

Swiss investment bank UBS has the sole mandate to run the book on the accelerated deal, with David Soanes and Christopher Smith rounding up the institutional investors to buy into the offer.

The setup contrasts starkly with TSB’s flotation, when Lloyds hired UBS, Citigroup, JP Morgan, Investec, Numis and RBC Capital Markets as advisers.

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