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Monday, August 18, 2008

Cash Call Fails

Bradford & Bingley's (B&B) cash call has flopped in the eyes of its shareholders, with only 27.8% of shareholders taking up its £400M rights issue leaving the remainder in the hands of its underwriters, Citigroup and UBS.

B&B's new CEO, Richard Pym, has his work cut out to try to restore confidence in the bank.

That being said, Mr Pym can take some small comfort in the fact that the take up of the B&B issue has significantly exceeded the take up of the HBOS rights issue. Only 8.29% signed up to that issue which closed in July.

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