Financial institutions: HBOS detractors jump the gun
Bank rights issues: A right mess of issues
Even summer sale prices with almost 50% reductions turned out to be not quite generous enough to entice investors to take up their rights in HBOS’s dismal issue. The mortgage lender’s share price fell beyond the 45% discount announced at the start of the deal’s subscription period in April as share prices across the sector tumbled on a stream of bad news.
HBOS received the £4 billion ($8 billion) in cash that it needed to raise, thanks to hard underwriting commitments, but the low take-up...
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