In a surprise move which will leave it with just 21% of the company’s share capital, the semi state-owned bank sold a further 15% stake following a special agreement from book runner BofA Merrill Lynch.
Lloyds said this morning it had placed the 77m shares at a price of £5.80 per share, raising £450m in the process.
The bank said it would make a gain of £40m on the sale, which would increase its core Tier 1 capital by the same amount.
The move comes hot on the heels of a placing of 20% of SJP’s shares in March, a deal which netted the bank £400m.
BofA Merrill Lynch has agreed to waive the terms of the March deal, which prevented Lloyds from further placements until March 2014.
The existing 365-day lock-up agreed at the time of the prior placing in March will remain in place in respect of its remaining holding in St James’ Place.
That lock-up cannot now be waived for at least 180 days from the date of the latest deal’s completion, the bank added.
Lloyds added it “continues to be supportive” of the St James’s Place management team.
Shares in SJP have had an enviable run in the last month alone, rising 28% from 500p to 640p.
