HBOS today announces that, as at 11.00 a.m. on 9 January 2008, being the latest date for receipt of valid acceptances and settlement in full under the Open Offer, it had received valid applications in respect of 17,692,895 Open Offer Shares, representing approximately 0.24 per cent. of the total number of Open Offer Shares offered to HBOS Shareholders pursuant to the Open Offer.
Lloyds TSB today announces that, as at 11.00 a.m. on 9 January 2009, being the latest date for receipt of valid acceptances and settlement in full under the Open Offer, it had received valid acceptances in respect of 13,085,995 Open Offer Shares in aggregate, representing approximately 0.50 per cent of the total number of Open Offer Shares offered to Qualifying Shareholders pursuant to the Placing and Open Offer announced by Lloyds TSB on 13 October 2008.
All of which means, the British government ends up with a 43.4 per cent holding in the merged Lloyds Banking Group. Marvellous.
So what happens next? If the weekend press is to be believed, the creation of a UK bad bank.
Related links:
HBOS - placing and offer statement - RNS
Lloyds TSB - placing and open offer statement - RNS
Brown’s £500m boost for jobless - FT.com
How toxic is HBOS - FT Alphaville
