RE: Monday 4-8-20252 Aug 2025 21:57
The parameters for Lloyds Banking Group's share buyback program, executed through Morgan Stanley & Co. International plc, are set by Lloyds Banking Group plc itself, as the company initiating the program. According to the announcement on February 21, 2025, Lloyds Banking Group entered into an agreement with Morgan Stanley & Co. International plc to conduct the share buyback program on its behalf. The key parameters include:
Maximum Consideration: The program is capped at £1.7 billion.
Duration: The buyback commenced on February 21, 2025, and is set to end no later than December 31, 2025.
Purpose: The sole purpose is to reduce the ordinary share capital of Lloyds by canceling the repurchased shares.
Execution: Morgan Stanley acts as the broker, making trading decisions independently of Lloyds under the agreed terms.
While Morgan Stanley executes the trades, the overarching parameters (such as the budget, timeline, and purpose) are determined by Lloyds Banking Group plc as part of its capital management strategy. Morgan Stanley operates within these guidelines but has discretion in how it conducts the purchases in the market.
thought making trading decisions independently... meant MS+Co could slightly tweek it... no worries.