These are the figures from the link I posted earlier ,published accounts 2010/ 2011 can't get into the accounts for 2011/2012 for some reason , keep getting an error but as you can see the figure for LLOYDS is 63.1p including the APS amount and for RBS 499p ( 49.9P ) excluding the APS .As Ranjm said earlier LLOYDS were never in the scheme but were deemed to have benefited from a " perception of confidence " so they still had to pay the fees. Hope that makes sense, Lol
UK Financial Investments Ltd
Investment in Lloyds
the Government’s investment in lloyds Banking Group has been made in three different tranches, as
summarised in the table below. the gross cost of these investments is £20,313 million, at an average cost
per share of 73.6p. taking into account the fees received from lloyds, including £2.5 billion in relation to the
implicit capital support provided by the aps in 2009, the net cost is £17,433 million, equivalent to 63.1p per
ordinary share.
HM Treasury ordinary shareholding
in Lloyds Banking Group Shares
Total
Investment
Investment
per share
Value at
31 March
1
m £m p £m
Initial Recapitalisation
2
January 2009 7,277 12,957 182.5 4,227
Preference Share conversion
3
June 2009 4,521 1,506 38.43 2,626
Rights issue December 2009 15,810 5,850 37.0 9,184
Total investment 27,609 20,313 73.6 (avg) 16,037
Fees received
4
(381)
Total investment net of fees 27,609 19,933 72.2 (avg)
APS exit fee
5
(2,500)
Total investment net of all fees 27,609 17,433 63.1 (avg)
Notes
1. Based on Lloyds Banking Group share price of 58.09p as at 31 March 2011.
2. Includes Lloyds Banking Group capitalisation issue on 11 May 2009 (177 million shares).
3. Investment adjusted to include accrued dividends and redemption premiums of around £230 million.
4. Underwriting and commitment fees on transactions paid to HM Treasury, including in relation to the
recapitalisation, preference share conversion and rights issue.
5. £2,500 million paid by Lloyds Banking Group for the implicit capital support provided by the APS in 2009
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