BGN Entrepreneur

Millions of private shareholders in Lloyds Banking Group could soon receive payments averaging £300 due to a quirk in the way the bank is strengthening its balance sheet and repaying governemtn money.
Lloyds, the most widely held company in the UK with 2.8 million private shareholders, announced plans for a placing and open offer to raise £4 billion to repay preference shares issued to the Government at the height of the banking crisis last October.
Shareholders not taking up their entitlement to buy the new shares will be paid compensation as the shares are being sold at 38.43p—a large discount to the prevailing market price.

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