The government will continue to sell HM Treasury's shareholding in Lloyds Banking Group over the next 12 months through a pre-arranged trading plan that will be managed by Morgan Stanley & Co. International.
The trading plan will start today and will terminate no later than 6 October 2017.
HMT has instructed Morgan Stanley that:
(a) up to, but no more than, 15% of the aggregate total trading volume in the Company may be sold over the duration of the trading plan
(b) shares may not be sold under the trading plan below a certain price per share that UKFI and HMT have determined represents fair value currently and continues to deliver value for money for the taxpayer.
HMT currently owns approximately 6.5 billion ordinary shares in the company, which represents approximately 9.1% of the issued ordinary share capital of the company.