Fewer than 9% of HBOS’s shareholders took up their rights in the bank’s £4 billion rights issue, priced at a 45% discount to the bank’s share price at the time of launch, and only 18% of Barclays’ existing shareholders took up the shares offered to them in a clawback.
Investors rejected the deals as shares in the banks and indeed the sector suffered roller-coaster dips, plunging them below their offer prices, following bad news on the housing front and disappointing earnings announcements.
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