Lloyds sets rights issue share price

Lloyds Banking Group has announced that the price of 37 pence per share has been set for new shares offered in its rights issue.

The Issue Price represents a discount of 59.5% to the Closing Price of the Company’s Ordinary Shares on 23 November 2009 and a discount of 38.6% to the theoretical ex-rights price based on this Closing Price.

The New Shares will represent 57.3% of the enlarged share capital of Lloyds Banking Group immediately following completion of the Rights Issue and Share Subdivision.

The Rights Issue comprises the offer of 36,505,088,579 New Shares at an Issue Price of 37 pence on the basis of 1.34 New Shares for every one Existing Ordinary Share held at the Record Date. The expected gross proceeds of the Rights Issue receivable by Lloyds Banking Group total £13,506,882,774.