Good luck with your investment in the banks, you may be getting some free shares with LLOY as opposed to divis too
Here's the email I've just received.
RE: Lloyds Banking Group - Bonus Issue - Reminder
The Company have announced that as part of the HM Treasury recapitalisation scheme, the Group was required to suspend the payment of cash dividends to ordinary shareholders until the HM Treasury Preference Shares issued as part of the scheme are repaid. In the meantime however, the Board has approved a capitalisation issue of 1 for 40 ordinary shares held.
Shareholders will receive 1 new share for every 40 shares held. (These shares are issued free, in lieu of a cash dividend payment).
Timetable:
08 May 2009
Record date
11 May 2009
Ex capitalisation Date, shares admitted to trading and CREST accounts credited
Open Offer
We are also aware that there is an Open Offer pending whereby shareholders will be offered the opportunity to buy more shares in Lloyds TSB Banking. There are currently no dates or ratios available and I have been advised by the company that a prospectus is due within the next month or so.
Currently, this is the only information we have in regards to the open offer and we will advise further once the official information has been received from the company.