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Taxpayers to pay £5.7billion for more Lloyds shares as bank launches UK record rights issue

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Lloyds Banking Group today set out details of its £13.5 billion UK record cash call to the bank's army of 2.8 million private shareholders. The group is offering shareholders stock at a discount of 59.5 per cent on yesterday's closing price under plans to avoid taking part in the Government's toxic asset insurance scheme. The average Lloyds private shareholder will be asked to stump up £336.67 to take part in the fundraising and maintain their stake. And the taxpayer will also have to fork out another £5.7 billion for the Government to maintain its 43 per cent stake in the bank.

 

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Lloyds launches £13.5 billion UK record rights issue to avoid Government insurance scheme | Mail Online


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