23rd Sep 2014 11:44
LONDON (Alliance News) - Lloyds Banking Group PLC may launch a second sale of shares in TSB Banking Group PLC once the lock-up period ends, Reuters reported on Wednesday, citing banking sources.
Reuters cited one source saying investment banks have been making informal pitches to Lloyds for a mandate to sell the shares, with an offering potentially coming as soon as this week.
Lloyds agreed not to sell any further shares for 90 days following the sale of a 35% stake in the bank in June, but that lock-up period ends on Tuesday. This leaves Lloyds with a short window in which it could sell the shares ahead of the 'black-out' period TSB will enter ahead of the release of its third-quarter results on October 24, Reuters said.
Lloyds Banking Group shares were down 1.7% to 74.94 pence on Tuesday, while TSB shares were down 1.6% to 277.9 pence.
http://uk.reuters.com/article/2014/09/23/uk-lloyds-banking-tsb-sale-idUKKCN0HI0ZV20140923
By Sam Unsted; [email protected]; @SamUAtAlliance
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