The UK government has extended its plan to sell shares in Lloyds, adding an extra six months on to the scheme.
The so-called trading plan, where the Treasury hired Morgan Stanley to sell its shares in the bank on the market, will now end “no later than 30 June 2016,” rather than the end of this year.
The government will offer the rest of its shares to the British public next year.
Since the program launched in 2014, the government has sold 11.2 billion shares at an average price of 81p each.
It’s got 6.6 billion shares left, around 9% of the bank. The stake is a remnant of the government rescue of Lloyds as it swallowed HBOS during the financial crisis in January 2009.
“The actual number of shares sold under the Trading Plan will depend on market conditions, among other factors,” the government said. “As with all disposals, delivering value for money for the taxpayer is a key consideration and shares will not be sold below the average price per share paid for them.”
Lloyds shares yesterday fell 2% to 73p.
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