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Lloyds not canvassing on rights issue- top investor

Source: Reuters - Wed 2th Sep 2009

Lloyds Banking Group has not been in contact with major investors over a potential rights issue to reduce its dependence on a government-backed insurance scheme for bad loans, a top 15 shareholder told Reuters.

The investor, who requested anonymity due to the sensitivity of the issue, said: "Lloyds has not been in contact with any of the major shareholders. Markets are a little sceptical that Lloyds is being too optimistic."

The Guardian newspaper said on Wednesday that "important City shareholders" would support a plan by the bank to raise 10 billion pounds ($16.32 billion).

A source familiar with the situation said separately that Lloyds was not actively canvassing shareholders.

Lloyds declined to comment.

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