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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
