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BRIEF-Britain to sell more shares in Lloyds over next six months
December 17, 2014 / 3:26 PM / 3 years ago

BRIEF-Britain to sell more shares in Lloyds over next six months

Dec 17 (Reuters) - UK Financial Investments Limited (UKFI):

* Intention to sell shares in Lloyds Banking Group Plc through a trading plan

* Intends to sell part of Her Majesty’s Treasury’s (“HMT”) shareholding in Lloyds Banking Group Plc over next six months through a pre-arranged trading plan

* Pre-arranged trading plan that will be managed by Morgan Stanley & Co. International Plc

* Morgan Stanley will have full discretion to effect a measured and orderly sell down of shares in company on behalf of HMT

* Trading plan will terminate no later than 30 June 2015

* HMT has instructed Morgan Stanley that up to but no more than 15 percent of aggregate total trading volume in company

* As with all disposals, delivering value for money for taxpayer is a key consideration

* HMT currently owns 17.8 billion ordinary shares in company, which represents 24.9 pct of issued ordinary share capital of company

* J.P. Morgan Cazenove is acting as privatisation strategy adviser to UKFI

* Freshfields Bruckhaus Deringer LLP is acting as legal counsel to UKFI in respect of English and US law Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +44 207 542 1810)

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