The bank restructure a few figures
I found out that the contracts for the bank restructure are in the Commons Library. (This available on the net here, but be careful they are 15Mb
. I have had a glance through them and not warranting anything about the figures it appears that RBS is issuing 22,863,936,713 shares at 65.5, HBOS 7,482,933,000 shares at 113.6 and LLOY 2,885,200,000 shares at 173.3. The government is getting an underwriting fee of 1.5%. On the market figures today it looks like the RBS shares will be mainly issued to other than the government. Lloyds is touch and go, but the government may end up holding a lot of HBOS.
Also the preference shares are to be listed immediately. That would allow the government to sell them at a profit.