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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tsb Bnk Grp | TSB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 339.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 339.00 |
| Top Posts |
|---|
Posted at 08/7/2015 09:05 by davenash Banco de Sabadell, S.A. Launch of compulsory acquisition procedureRNS Number : 4425S Banco de Sabadell, S.A. 08 July 2015 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release 8 July 2015 RECOMMENDED CASH OFFER for TSB BANKING GROUP PLC by BANCO DE SABADELL, S.A. Offer update - launch of compulsory acquisition procedure On 30 June 2015 Banco de Sabadell, S.A. (Sabadell) announced that its offer for TSB Banking Group plc (TSB) (the Offer) had become unconditional in all respects. Sabadell is pleased to announce that valid acceptances have been received for in excess of 90 per cent. of the TSB Shares to which the Offer relates and therefore Sabadell will now commence the procedures available to it under section 979 of the Companies Act 2006 to compulsorily acquire those TSB Shares which it does not already own. Notice will be sent to non-accepting shareholders informing them of the compulsory acquisition of their shares by Sabadell. Actions to be taken TSB Shareholders who have not yet accepted the Offer are urged to do so as soon as possible: -- If you are a holder of TSB Shares in certificated form (that is, not in CREST), you should complete and return the Form of Acceptance, which accompanied the Offer Document. -- If you are a holder of TSB Shares in uncertificated form (in CREST), you should ensure that an Electronic Acceptance is made by you or on your behalf and that settlement occurs. If you are a CREST-sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction(s) to Euroclear. TSB Shareholders who do not accept the Offer will have their Shares compulsorily acquired but will have to wait for the Companies Act process to conclude before receiving their consideration. The Offer Document and a specimen Form of Acceptance are available on Sabadell's website at www.sabadelltsbinfo. Unless otherwise stated, terms used in this announcement have the same meanings as given to them in the Offer Document. -------------------- Looks like this might finally be settled then - sigh............ |
Posted at 01/7/2015 14:33 by darias And the offer has now gone unconditional so the shares will be delisted and shares will be delisted "on or around" 28th July.TIDM49WI TIDMTSB RNS Number : 5851R Banco de Sabadell, S.A. 30 June 2015 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release 30 June 2015 RECOMMENDED CASH OFFER for TSB BANKING GROUP PLC by BANCO DE SABADELL, S.A. Unconditional announcement notice of delisting and cancellation of trading of TSB Shares On 20 March 2015, the boards of Banco de Sabadell, S.A. (Sabadell) and TSB Banking Group plc (TSB) announced that they had reached agreement on the terms of a recommended cash offer to be made by Sabadell for the entire issued and to be issued share capital of TSB (the Offer). The full terms and conditions and the procedures for acceptance of the Offer are set out in the offer document which was published and sent to TSB Shareholders by Sabadell on 17 April 2015 (the Offer Document). On 29 May 2015 Sabadell announced that its offer for TSB remained subject to the Prudential Regulatory Authority (the PRA) approving the change of control of TSB and that the latest date on which the Offer may become or be declared unconditional in all respects was 7 July 2015. Sabadell is pleased to announce that it has received approval from the PRA regarding the change of control of TSB, meaning that the Condition relating to regulatory clearance has now been satisfied. As the Acceptance Condition and European Commission clearance Condition have previously been satisfied and no other Conditions to the Offer remain outstanding, the Offer is now unconditional in all respects. The Offer will remain open for acceptances until further notice. At least 14 days' notice will be given before the closing of the Offer to those TSB Shareholders who have not at the date of that notice accepted the Offer. Delisting and cancellation of trading As set out in the Offer Document, as the Offer has become unconditional in all respects and Sabadell has acquired TSB Shares representing more than 75 per cent. of the voting rights of TSB and has received valid acceptances under the Offer from Independent Shareholders that represent a majority of the voting rights held by the Independent Shareholders at the date the Offer was made, Sabadell intends to procure the making of an application by TSB for the cancellation, respectively, of the trading of TSB Shares on the London Stock Exchange's main market for listed securities (the Main Market) and of the listing of TSB Shares on the premium segment of the Official List of the Financial Conduct Authority (the Official List). The cancellation of listing of TSB Shares on the Official List and admission to trading of TSB Shares on the Main Market is expected to take effect on or around 28 July 2015, being 20 Business Days from the date of this announcement. Such cancellation of listing and admission to trading will significantly reduce the liquidity and marketability of any TSB Shares and/or TSB Shares held in uncertificated form not assented to the Offer. Compulsory acquisition As set out in the Offer Document, if Sabadell receives acceptances of the Offer in respect of, and/or otherwise acquires or contracts to acquire, 90 per cent. or more in nominal value of the TSB Shares to which the Offer relates and of the voting rights carried by those TSB Shares, Sabadell intends to exercise its rights in accordance with Sections 974 to 991 inclusive of the Companies Act 2006 to acquire compulsorily any remaining TSB Shares to which the Offer relates on the same terms as the Offer. Level of acceptances As at 1.00 p.m. (London time) on 29 June 2015, Sabadell had received valid acceptances of the Offer in respect of 389,972,756 TSB Shares, representing approximately 77.99 per cent. of the existing issued share capital of TSB and 86.66 per cent. of the TSB Shares to which the Offer relates. In addition on 24 March 2015 Sabadell acquired 49,999,999 TSB Shares, representing approximately 9.99 per cent. of the existing issued share capital of TSB, from Lloyds Bank plc (Lloyds). Therefore, as at the 29 June 2015, Sabadell owned or had received valid acceptances of the Offer in respect of 439,972,755 TSB Shares, representing approximately 87.99 per cent. of the existing issued share capital of TSB. Actions to be taken TSB Shareholders who have not yet accepted the Offer are urged to do so as soon as possible: -- If you are a holder of TSB Shares in certificated form (that is, not in CREST), you should complete and return the Form of Acceptance which accompanied the Offer Document. -- If you are a holder of TSB shares in uncertificated form (in CREST), you should ensure that an Electronic Acceptance is made by you or on your behalf and that settlement occurs. If you are a CREST-sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction(s) to Euroclear. The Offer Document and a specimen Form of Acceptance are available on Sabadell's website at www.sabadelltsbinfo. Unless otherwise stated, terms used in this announcement have the same meanings as given to them in the Offer Document. |
Posted at 01/7/2015 14:28 by darias There was an extension to 30th June.RNS Number : 5761O Banco de Sabadell, S.A. 29 May 2015 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release 29 May 2015 RECOMMENDED CASH OFFER for TSB BANKING GROUP PLC by BANCO DE SABADELL, S.A. Offer Update - Extension of the Offer timetable On 8 May 2015, Banco de Sabadell, S.A. (Sabadell) announced that its offer for TSB Banking Group plc (TSB) had become unconditional as to acceptances and that the Offer had been extended until further notice, and on 18 May 2015 Sabadell announced that the Condition relating to European Commission clearance had been satisfied. The Offer remains conditional upon the PRA approving the change of control of TSB. Discussions with the PRA are proceeding constructively and Sabadell's application is progressing in the ordinary course. However, in light of the regulatory review timetable, Sabadell and TSB have agreed, with the consent of the Panel and in accordance with Rule 31.7 of the Takeover Code, that the latest date on which the Offer may become or be declared unconditional in all respects will be 7 July 2015. TSB Shareholders who have not yet accepted the Offer are urged to do so as soon as possible: -- If you are a holder of TSB Shares in certificated form (that is, not in CREST), you should complete and return the Form of Acceptance, which accompanied the Offer Document. -- If you are a holder of TSB shares in uncertificated form (in CREST), you should ensure that an Electronic Acceptance is made by you or on your behalf and that settlement occurs. If you are a CREST-sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction(s) to Euroclear. The Offer Document and a specimen Form of Acceptance are available on Sabadell's website at www.sabadelltsbinfo. Unless otherwise stated, terms used in this announcement have the same meanings as given to them in the Offer Document. |
Posted at 30/6/2015 07:56 by prodman A quick copy and paste, sorry.Offer Unconditional in all Respects RNS RNS Number : 5851R Banco de Sabadell, S.A. 30 June 2015 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release 30 June 2015 RECOMMENDED CASH OFFER for TSB BANKING GROUP PLC by BANCO DE SABADELL, S.A. Unconditional announcement notice of delisting and cancellation of trading of TSB Shares On 20 March 2015, the boards of Banco de Sabadell, S.A. (Sabadell) and TSB Banking Group plc (TSB) announced that they had reached agreement on the terms of a recommended cash offer to be made by Sabadell for the entire issued and to be issued share capital of TSB (the Offer). The full terms and conditions and the procedures for acceptance of the Offer are set out in the offer document which was published and sent to TSB Shareholders by Sabadell on 17 April 2015 (the Offer Document). On 29 May 2015 Sabadell announced that its offer for TSB remained subject to the Prudential Regulatory Authority (the PRA) approving the change of control of TSB and that the latest date on which the Offer may become or be declared unconditional in all respects was 7 July 2015. Sabadell is pleased to announce that it has received approval from the PRA regarding the change of control of TSB, meaning that the Condition relating to regulatory clearance has now been satisfied. As the Acceptance Condition and European Commission clearance Condition have previously been satisfied and no other Conditions to the Offer remain outstanding, the Offer is now unconditional in all respects. The Offer will remain open for acceptances until further notice. At least 14 days' notice will be given before the closing of the Offer to those TSB Shareholders who have not at the date of that notice accepted the Offer. Delisting and cancellation of trading As set out in the Offer Document, as the Offer has become unconditional in all respects and Sabadell has acquired TSB Shares representing more than 75 per cent. of the voting rights of TSB and has received valid acceptances under the Offer from Independent Shareholders that represent a majority of the voting rights held by the Independent Shareholders at the date the Offer was made, Sabadell intends to procure the making of an application by TSB for the cancellation, respectively, of the trading of TSB Shares on the London Stock Exchange's main market for listed securities (the Main Market) and of the listing of TSB Shares on the premium segment of the Official List of the Financial Conduct Authority (the Official List). The cancellation of listing of TSB Shares on the Official List and admission to trading of TSB Shares on the Main Market is expected to take effect on or around 28 July 2015, being 20 Business Days from the date of this announcement. Such cancellation of listing and admission to trading will significantly reduce the liquidity and marketability of any TSB Shares and/or TSB Shares held in uncertificated form not assented to the Offer. Compulsory acquisition As set out in the Offer Document, if Sabadell receives acceptances of the Offer in respect of, and/or otherwise acquires or contracts to acquire, 90 per cent. or more in nominal value of the TSB Shares to which the Offer relates and of the voting rights carried by those TSB Shares, Sabadell intends to exercise its rights in accordance with Sections 974 to 991 inclusive of the Companies Act 2006 to acquire compulsorily any remaining TSB Shares to which the Offer relates on the same terms as the Offer. Level of acceptances As at 1.00 p.m. (London time) on 29 June 2015, Sabadell had received valid acceptances of the Offer in respect of 389,972,756 TSB Shares, representing approximately 77.99 per cent. of the existing issued share capital of TSB and 86.66 per cent. of the TSB Shares to which the Offer relates. In addition on 24 March 2015 Sabadell acquired 49,999,999 TSB Shares, representing approximately 9.99 per cent. of the existing issued share capital of TSB, from Lloyds Bank plc (Lloyds). Therefore, as at the 29 June 2015, Sabadell owned or had received valid acceptances of the Offer in respect of 439,972,755 TSB Shares, representing approximately 87.99 per cent. of the existing issued share capital of TSB. Actions to be taken TSB Shareholders who have not yet accepted the Offer are urged to do so as soon as possible: · If you are a holder of TSB Shares in certificated form (that is, not in CREST), you should complete and return the Form of Acceptance which accompanied the Offer Document. · If you are a holder of TSB shares in uncertificated form (in CREST), you should ensure that an Electronic Acceptance is made by you or on your behalf and that settlement occurs. If you are a CREST-sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction(s) to Euroclear. The Offer Document and a specimen Form of Acceptance are available on Sabadell's website at www.sabadelltsbinfo. Unless otherwise stated, terms used in this announcement have the same meanings as given to them in the Offer Document. Enquiries Sabadell Albert Coll +34 93 728 8990 Goldman Sachs International +44 20 7774 1000 Dirk Lievens Mark Sorrell Carlos Pertejo Brunswick Group LLP Azadeh Varzi Andrew Garfield Rurik Ingram +44 20 7404 5959 TSB Roy Beale (Senior Manager, TSB Media Relations) TSB Media Relations +44 20 7003 9368 +44 20 7003 9369 Bell Pottinger (TSB's PR Adviser) Clinton Manning +44 20 3772 2560 Further information Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Sabadell and no one else in connection with the Offer and will not be responsible to anyone other than Sabadell for providing the protections afforded to its clients or for providing advice in relation to the Offer. This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise. The Offer is made solely by means of the Offer Document and the Form of Acceptance accompanying the Offer Document, which contains the full terms and conditions of the Offer, including details of how the Offer may be accepted. Any response to the Offer should be made only on the basis of information contained in the Offer Document. TSB Shareholders are advised to read the formal documentation in relation to the Offer carefully. This announcement has been prepared for the purposes of complying with English law, the rules of the London Stock Exchange and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom. Overseas jurisdictions The distribution of this announcement in jurisdictions other than the United Kingdom or the United States and the ability of TSB Shareholders who are not resident in the United Kingdom or the United States to participate in the Offer may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or the United States or TSB Shareholders who are not resident in the United Kingdom or the United States will need to inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. Further details in relation to overseas shareholders are contained in the Offer Document. The Offer is not being, and will not be, made available, directly or indirectly, in or into or by the use of the mails of, or by any other means or instrumentality of interstate or foreign commerce of, or any facility of a national state or other securities exchange of any Restricted Jurisdiction and will not be capable of acceptance by any such use, means, instrumentality or facility or from within any Restricted Jurisdiction. Accordingly, copies of this announcement and all documents relating to the Offer are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction and persons receiving this announcement (including, without limitation, agents, nominees, custodians and trustees) must not distribute, send or mail it in, into or from such jurisdiction. Any person (including, without limitation, any agent, nominee, custodian or trustee) who has a contractual or legal obligation, or may otherwise intend, to forward this announcement and/or the Offer Document and/or any other related document to a jurisdiction outside the United Kingdom or the United States should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction and must not mail, send or forward or distribute them in, into or from any Restricted Jurisdiction. Notice to US holders of TSB Shares The Offer is being made in the United States pursuant to Section 14(e) of, and Regulation 14E under the Exchange Act, subject to the exemptions provided by Rule 14d-1(c) and otherwise in accordance with the requirements of the Code. Accordingly, the Offer will be subject to disclosure and other procedural requirements, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of payments that are different from those applicable under US domestic tender offer procedures and law. The Offer is being made for the securities of a UK company with a listing on the London Stock Exchange. The Offer is subject to UK disclosure requirements, which are different from certain United States disclosure requirements. The financial information on TSB included in the Offer Document has been prepared in accordance with IFRS and the financial information on Sabadell included in the Offer Document has been prepared in accordance with IFRS, thus neither may be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States. The receipt of cash pursuant to the Offer by a US holder of TSB Shares may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each TSB Shareholder is urged to consult his independent professional adviser immediately regarding the tax consequences of accepting the Offer. Furthermore, the payment and settlement procedure with respect to the Offer will comply with the relevant United Kingdom rules, which differ from the United States payment and settlement procedures, particularly with regard to the date of payment of consideration. The Offer will be made (including in the United States) by Sabadell and no one else. Neither Goldman Sachs International nor Citigroup nor Rothschild nor RBC Capital Markets, nor any of their respective affiliates, will be making the Offer in or outside the United States. It may be difficult for US holders of TSB Shares to enforce their rights and any claim arising out of US federal securities laws, since Sabadell is incorporated under the laws of Spain and TSB is incorporated under the laws of England and Wales and some or all of their officers and directors are residents of non-US jurisdictions. In addition, most of the assets of Sabadell and TSB are located outside the United States. US holders of TSB Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgment. This announcement does not constitute an offer of securities for sale in the United States. No offer to acquire securities or to exchange securities for other securities has been made, or will be made, directly or indirectly, in or into, or by the use of the mails of, or by any means or instrumentality of interstate or foreign commerce or any facilities of a national securities exchange of, the United States or any other country in which such offer may not be made other than: (i) in accordance with the tender offer requirements under the Exchange Act, or the securities laws of such other country, as the case may be, or: (ii) pursuant to an available exemption from such requirements. Neither the US Securities and Exchange Commission nor any US state securities commission has approved or disapproved the Offer, or passed comment upon the adequacy or completeness of this announcement or the Offer Document. Any representation to the contrary is a criminal offence in the United States. To the extent permitted by applicable law, in accordance with, and to the extent permitted by, the Code and normal UK market practice, Sabadell or its nominees or brokers (acting as agents) or their respective affiliates may from time to time make certain purchases of, or arrangements to purchase, shares or other securities in TSB, other than pursuant to the Offer, at any time prior to completion of the Offer. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any such purchases, or arrangements to purchase, will comply with all applicable UK rules, including the Code, the rules of the London Stock Exchange and Rule 14e-5 under the Exchange Act to the extent applicable. In addition, in accordance with, and to the extent permitted by, the Code and normal UK market practice, Goldman Sachs International, Citigroup, Rothschild, RBC Capital Markets and their respective affiliates will continue to act as exempt principal traders in TSB Shares on the London Stock Exchange and engage in certain other purchasing activities consistent with their respective normal and usual practice and applicable law. To the extent required by the applicable law (including the Code), any information about such purchases will be disclosed on a next day basis to the Panel and a Regulatory Information Service including the Regulatory News Service on the London Stock Exchange website, www.londonstockexcha Notice to Australian holders of TSB Shares The Offer is being made for the securities of a UK company with a listing on the London Stock Exchange and is regulated primarily by UK laws. Accordingly, the Offer is not made under or regulated by Chapter 6 of the Corporations Act 2001 (Cth). The content of this announcement and the Offer Document is subject to UK disclosure requirements which are different from the disclosure requirements under Australian law. Neither the Australian Securities and Investments Commission nor the Australian Securities Exchange has: (i) approved or disapproved of the Offer; (ii) passed judgment over the merits or fairness of the Offer; or (iii) passed judgment upon the adequacy or accuracy of the disclosure in this announcement nor the Offer Document. Information relating to TSB Shareholders Please be aware that addresses, electronic addresses and certain other information provided by TSB Shareholders, persons with information rights and other relevant persons for the receipt of communications from TSB may be provided to Sabadell during the Offer Period as required under Section 4 of Appendix 4 to the Code. Publication on website A copy of this announcement will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on Sabadell's website at www.sabadelltsbinfo. This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 25/6/2015 16:21 by waveneygnome Just heard back again from TSB: 'investors are expected to receive their cash entitlements on or around 17 July 2015'.......this is just the cash for the bonus shares....not the cash for the takeover....that's still rumbling on. |
Posted at 24/6/2015 10:30 by waveneygnome Does anyone know what the timetable would be for Lloyds to pay out the Bonus Shares as cash?..........so we get to 25th June, Lloyds have said they will 'make arrangements to pay cash to shareholders'....but when?I have asked Investor Relations at TSB direct and they don't know......doesn't seem to be very well thought out. |
Posted at 12/6/2015 13:55 by harvester TSB share offer @ 340/share has been extended for a second time now.Clearly, they still have not managed to get 90% acceptances . Also, it appears that they have not published yet what level of acceptances they now have . This situation leaves many investors who have accepted the offer early in limbo while they could otherwise sell the shares in the market at a price very close to 340 . From the low level of daily trading activity it does not look as though Sabadell will be able to buy the extra shares they need in the market at a price below 340 . A further third extension of the offer after June 18th seems improbable . So what will be their next move ? Will they choose to de-list the shares? |
Posted at 15/5/2015 11:35 by davenash Got bored with total lack of information, so I did some digging.If you go to TSB Investor Relations - News Releases www.tsb.co.uk/news-r Click on the link at the bottom of the first section & agree to their terms (View full details on our RNS Feed) You should get to this PDF file which was released on the 8th May - www.tsb.co.uk/invest So on the 8th - Sabadell owned or had acceptances of offer which represent 81.23% of shares in TSB. |
Posted at 31/5/2014 08:39 by jonwig FT this morning:Shares in TSB will be offered to individual investors when the high street lender floats in June, but Paul Pester, the bank's chief executive, has downplayed the prospect of quick gains. Parent company Lloyds is selling 25 per cent of TSB through an initial public offering. Up to a fifth of the shares will be sold to retail investors for a minimum investment of £750. Those who hold their shares for a year or more will gain one free share for every 20 bought, up to a maximum of £2,000. However, many companies that have floated this year have seen share prices fall below their IPO price, causing concern that some investors hoping for a repeat of the Royal Mail bonanza will end up disappointed. "I'm more worried about retail [than institutional] investors I want them to understand the dynamics of the business," said Mr Pester at a briefing this week. "I want retail [investors] to understand the context in which they're investing; it has to be for the medium term." Matthew Beesley, head of global equities at Henderson Global Investors, noted that TSB does not expect to pay a dividend until at least 2017. "Whereas this bank used to be the bank that liked to say yes, from an investment perspective I'd probably suggest we say no," he added. TSB will start life very well capitalised, with more than £20 of equity for every £100 of lending, but plans to expand its balance sheet by 40-50 per cent over the next five years through its current account and mortgage business. Mr Pester said that should move returns on equity towards double-digit levels. Mr Beesley said the bank has a small share of the current account and mortgage market relative to its branch numbers, meaning there is an opportunity for it to become more efficient and sell more products. The bank plans to boost growth by re-entering the intermediary mortgage market, allowing brokers to distribute TSB-branded products from the start of 2015, and by converting borrowers to "higher margin" mortgages once interest rates start to rise. Currently, a significant portion of the bank's mortgage book is accounted for by products charging 2 per cent or less above base rate. Lloyds has to sell the remainder of the company by the end of 2015, which it may choose to do through private placements to institutional investors. |
Posted at 29/5/2014 07:41 by jonwig Lloyds unveils TSB share offer: buy 20 get one freeby Alex Steger on May 27, 2014 at 07:38 Lloyds unveils TSB share offer: buy 20 get one free Lloyds has unveiled plans to float TSB, offering retail investors a free share for every 20 bought in a bid to offset the lack of dividend payments for three years. In an announcement to the Stock Exchange this morning,Lloyds confirmed initial plans to sell off 25% of the ordinary shares in TSB and divest the remainder of its stake by 31 December 2015. Lloyds has been forced to sell the 631 branch network under EU laws for accepting state support during the financial crisis. The shares will become available in June to institutional investors and retail investors through intermediaries. Lloyds has agreed not to sell any further shares in TSB for 90 days after the float. Retail investors will receive one free share for every 20 acquired, up to £2,000. TSB said it expected to pay an inaugural dividend for the financial year 2017. TSB will become the seventh largest bank in the UK by branch network. |
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