Links and Slaughters advise on Lloyds fundraising

Linklaters and Slaughter and May have been instructed on the £4bn share raising made by Lloyds TSB.

Jeremy Parr

Jeremy Parr

The bank, advised by Linklaters relationship partner Jeremy Parr and corporate partner Matthew Bland, is offering its three million shareholders the opportunity to buy discounted new shares.

The shares will replace preference shares held by the Treasury, which is underwriting the issue.

The Treasury is being represented by regular adviser Slaughter and May, with partners Robin Ogle and Tim Pharaoh leading the team.

If the new shares are not taken up by shareholders, the Treasury would increase its stake in Lloyds from 43 to 65 per cent.

Linklaters has advised the bank throughout the economic crisis, acting on its takeover of HBOS and the Government’s bailout schemes. 

Shares in Lloyds rose following news of the issue and on the announcement that Lloyds chairman Victor Blank is to step down.