Lloyds director buys

Lloyds Banking Group non-exec Timothy Ryan has purchased 20,000 shares in the bank.

Ryan paid 94p per share, taking the total cost of the purchase to nearly £19,000. The group did not reveal his current holdings.

Yesterday, the bank confirmed it has agreed with the Treasury to launch a previously announced placing and open offer on 20 May. The proceeds will be used to redeem the 4bn of preference shares held by the Treasury.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Existing shareholders will be able to subscribe for 0.6213 new shares for every one held in Lloyds at an offer price of 38.43p.

"Any proceeds raised in the rump placing in excess of the 38.43 pence open offer price will be distributed on a pro rata basis to those shareholders who did not participate in the placing and open offer," said the group.

Lloyds had also announced yesterday that Sir Victor Blank will step down as chairman by June next year. Lord Leitch has been appointed as deputy chairman with immediate effect.

Top Director Buys

Value: £18,920

Top Director Sells

Value: $290,160