Blueprint
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
01
March 2019
LLOYDS BANKING GROUP
plc
(Translation of registrant's name into
English)
5th Floor
25 Gresham Street
London
EC2V 7HN
United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule
12g3-2(b):
82- ________
Index
to Exhibits
Item
No.
1 Regulatory News Service Announcement, dated 01 March
2019
re: Share
Buyback Programme Commences
1 March 2019
LLOYDS BANKING GROUP COMMENCES SHARE BUYBACK PROGRAMME
Lloyds Banking Group plc (the 'Company') is today launching a share
buy-back programme to repurchase up to £1.75 billion of
ordinary shares, as previously announced on 20 February
2019.
The Company has entered into agreements with Morgan Stanley &
Co. International plc and UBS AG, London Branch (the 'Joint
Brokers') to conduct the share buyback programme on its behalf and
to make trading decisions under the programme independently of the
Company. Under the terms of the programme, the maximum
consideration is £1.75 billion. The programme will commence on
1 March 2019 and will end no later than 31 December 2019. The sole
purpose of the programme is to reduce the ordinary share capital of
the Company.
The Joint Brokers will purchase the Company's ordinary shares as
principal and sell them on to the Company in accordance with the
terms of their engagement. The Company intends to cancel the shares
it purchases through the programme.
Any purchases of ordinary shares by the Company in relation to this
announcement will be made in accordance with certain pre-set
parameters set out in the terms of each Joint Broker's engagement,
the general authority of the Company to repurchase shares granted
by shareholders at the Company's annual general meeting held on 24
May 2018 (which permits the Company to purchase no more than
7,219,629,615 of the Company's ordinary shares), the EU Market
Abuse Regulation (596/2014), the Commission Delegated Regulation
(2016/1052) and Chapter 12 of the Financial Conduct Authority's
Listing Rules.
For the avoidance of doubt, no repurchases will be made in the
United States or in respect of the Company's American Depositary
Receipts.
References in this announcement to EU regulation shall be deemed to
be to the equivalent laws of the United Kingdom if the United
Kingdom is no longer part of the EU.
- END -
For further information:
Investor Relations
Douglas
Radcliffe +44
(0) 20 7356 1571
Group Investor Relations Director
douglas.radcliffe@lloydsbanking.com
Corporate Affairs
Matt
Smith
+44 (0) 20 7356 3522
Head of Media Relations
matt.smith@lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements with
respect to the business, strategy, plans and/or results of the
Group and its current goals and expectations relating to its future
financial condition and performance. Statements that are not
historical facts, including statements about the Group's or its
directors' and/or management's beliefs and expectations, are
forward looking statements. By their nature, forward looking
statements involve risk and uncertainty because they relate to
events and depend upon circumstances that will or may occur in the
future. Factors that could cause actual business, strategy, plans
and/or results (including but not limited to the payment of
dividends) to differ materially from forward looking statements
made by the Group or on its behalf include, but are not limited to:
general economic and business conditions in the UK and
internationally; market related trends and developments;
fluctuations in interest rates, inflation, exchange rates, stock
markets and currencies; the ability to access sufficient sources of
capital, liquidity and funding when required; changes to the
Group's credit ratings; the ability to derive cost savings and
other benefits including, but without limitation as a result of any
acquisitions, disposals and other strategic transactions; changing
customer behaviour including consumer spending, saving and
borrowing habits; changes to borrower or counterparty credit
quality; instability in the global financial markets, including
Eurozone instability, instability as a result of the exit by the UK
from the European Union (EU) and the potential for other countries
to exit the EU or the Eurozone and the impact of any sovereign
credit rating downgrade or other sovereign financial issues;
technological changes and risks to the security of IT and
operational infrastructure, systems, data and information resulting
from increased threat of cyber and other attacks; natural, pandemic
and other disasters, adverse weather and similar contingencies
outside the Group's control; inadequate or failed internal or
external processes or systems; acts of war, other acts of
hostility, terrorist acts and responses to those acts,
geopolitical, pandemic or other such events; changes in laws,
regulations, practices and accounting standards or taxation,
including as a result of the exit by the UK from the EU, or a
further possible referendum on Scottish independence; changes to
regulatory capital or liquidity requirements and similar
contingencies outside the Group's control; the policies, decisions
and actions of governmental or regulatory authorities or courts in
the UK, the EU, the US or elsewhere including the implementation
and interpretation of key legislation and regulation together with
any resulting impact on the future structure of the Group; the
ability to attract and retain senior management and other employees
and meet its diversity objectives; actions or omissions by the
Group's directors, management or employees including industrial
action; changes to the Group's post-retirement defined benefit
scheme obligations; the extent of any future impairment charges or
write-downs caused by, but not limited to, depressed asset
valuations, market disruptions and illiquid markets; the value and
effectiveness of any credit protection purchased by the Group; the
inability to hedge certain risks economically; the adequacy of loss
reserves; the actions of competitors, including non-bank financial
services, lending companies and digital innovators and disruptive
technologies; and exposure to regulatory or competition scrutiny,
legal, regulatory or competition proceedings, investigations or
complaints. Please refer to the latest Annual Report on Form 20-F
filed with the US Securities and Exchange Commission for a
discussion of certain factors and risks together with examples of
forward looking statements. Except as required by any applicable
law or regulation, the forward looking statements contained in this
document are made as of today's date, and the Group expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward looking statements contained in
this document to reflect any change in the Group's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based. The
information, statements and opinions contained in this document do
not constitute a public offer under any applicable law or an offer
to sell any securities or financial instruments or any advice or
recommendation with respect to such securities or financial
instruments.
UBS AG, London Branch is acting on behalf of the Group in relation
to the programme and no-one else and will not be responsible to
anyone other than the Group for providing the protections offered
to clients of UBS AG, London Branch nor for providing advice in
relation to such programme.
Morgan Stanley & Co. International plc is acting on behalf of
the Group in relation to the programme and no-one else and will not
be responsible to anyone other than the Group for providing the
protections offered to clients of Morgan Stanley & Co.
International plc nor for providing advice in relation to such
programme.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
LLOYDS
BANKING GROUP plc
(Registrant)
By: Douglas
Radcliffe
Name: Douglas
Radcliffe
Title: Group
Investor Relations Director
Date: 01
March 2019