News Tag: rights issue
March 1, 2010
Prudential, which is Britain’s second largest insurer, has today confirmed it is to buy AIA, the Asian arm of US company American International Group (AIG), in a deal worth $35.5 billion (£23.3 billion).
In a stock market statement today, Pru said the deal provided it with the opportunity to create South East Asia's leading insurer.
In order to finance the deal, the ...
Prudential in $35.5bn deal with AIA
by Kay Murchie
Prudential in advanced talks with AIA
by Kay Murchie
November 24, 2009
Lloyds Banking Group has today embarked on the biggest rights issue on record by asking shareholders to buy 1.34 new Lloyds shares for each one they already own.
The rights issue price of 37p is slightly higher than expected but still heavily discounted at 59.5% on Monday’s closing price of 91.47p.
According to Lloyds, the average retail shareholder would pay £366.7 ...
Lloyds outlines details of record rights issue
by Kay Murchie
November 18, 2009
Wolseley, which is the world’s largest supplier of plumbing and heating equipment, today reported a 45% fall in underlying profits in the three months to the end of October.
The company has been badly hit by the housing market downturn and warned that its struggles continue after revenue slumped 13% to £3.4 billion in the three month period.
The plumbers’ merchant ...
Wolseley continues to struggle as profits slump
by Kay Murchie
November 11, 2009
Bus and train operator National Express has today announced plans to raise £360 million via a rights issue, which will strengthen its balance sheet as it struggles under a mountain of debt of £1.5 billion.
Shares in the transport group lost 7.9% at 311p in early trading today. Shares in the group have lost almost a third in value in the last ...
National Express launches £360m rights issue
by Kay Murchie
November 3, 2009
A major overhaul of the UK banking industry has been confirmed by the Treasury today with plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group to sell off bank branches.
The shake-up comes as the Government hopes to create more competition within the industry.
The Government holds a 70% stake in RBS and a 43% stake in Lloyds after last autumn’s ...
Treasury confirms RBS and Lloyds sell-offs
by Kay Murchie
October 30, 2009
According to press reports this evening, banking giant Lloyds is to pay the Government a fee of £2.5 billion to avoid the Government’s Asset Protection Scheme (APS).
For some time now, there have been reports that Lloyds Banking Group has been exploring ways to avoid the scheme, which insures against losses arising from toxic assets.
Lloyds enrolled in the scheme in March ...
Lloyds to pay £2.5bn to escape APS
by Kay Murchie
October 29, 2009
Lloyds Banking Group has today confirmed it is considering a rights issue, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS).
There has been speculation that the bank, which is 43% owned by the taxpayer, has been mulling over a multi-billion pounds rights ...
Lloyds confirms plans for rights issue
by Kay Murchie
Merger talks end at National Express
by Kay Murchie
October 25, 2009
Lloyds Banking Group is reported to be embarking on a massive fundraising scheme, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS) .
The bank, which is 43% owned by the taxpayer, is understood to be mulling over a £12 billion ...
Lloyds continues to explore ways to escape APS
by Kay Murchie
October 22, 2009
Bus and train operator National Express has today issued a profit warning and is to proceed with a £350 million rights issue within weeks to strengthen its balance sheet as it struggles under a mountain of debt totalling almost £1 billion.
Analysts say the rights issue will be completed before Christmas. Meanwhile, the company said trading conditions "remained ...
National Express issues profit warning and announces £350m rights issue
by Kay Murchie
October 19, 2009
Stagecoach has approached rival National Express with a £1.7 billion offer after a Spanish-led consortium withdrew its £765 million offer last week for the rail and bus group.
Stagecoach, the operator of South West Trains and East Midlands Trains, has made a new all-share offer for its rival, following the withdrawal of the Spanish-led consortium, which comprised private equity firm CVC ...
Stagecoach makes fresh offer for National Express
by Kay Murchie
October 8, 2009
In order to avoid participating in the Government’s Asset Protection Scheme (APS), Lloyds Banking Group is looking at ways to raise cash with one option being tapping investors for £15 billion - which would be the biggest ever rights issue in UK corporate history.
The banking giant, which is 43% owned by the taxpayer, is understood to be in ...
Lloyds mulls over £15bn rights issue to avoid APS
by Kay Murchie
September 28, 2009
Wolseley, which is the world's largest supplier of plumbing and heating equipment, has today posted an annual loss due to the ongoing problems in the housing market.
The company, which owns Plumb Center and Build Center in the UK, slumped to a pre-tax loss of £766 million for the year to 31 July, compared with a profit of £399 ...
Wolseley continues to be hit by housing market downturn
by Kay Murchie
May 18, 2009
According to The Sunday Telegraph, the Financial Services Authority (FSA) has asked PricewaterhouseCoopers (PwC) to conduct an inquiry into the board of directors at Royal Bank of Scotland (RBS) with regard to the £12 billion rights issue carried out last year.
The investigation will examine the bank's risk management process and establish whether the stock market was properly informed ...
PwC to investigate RBS directors over rights issue
by Kay Murchie
April 5, 2009
HSBC, which is Europe’s largest bank, said shareholders have bought 96.6% of the new shares offered in its £12.5 billion rights issue - the largest ever held in Britain.
The shares were offered at £2.54 each - a heavily discounted price from Friday’s close of £4.35 each. The remaining shares are expected to be sold on the open market.
The ...
HSBC sees strong take up for rights issue
by Kay Murchie
March 1, 2009
HSBC, which is set to announce full-year profits this week, is expected to reveal plans for a £12 billion rights issue - the largest ever held in Britain.
The bank, which is Europe's largest, is expected to disclose a 22% fall in 2008 profits. Last August, it revealed a 28% fall in half-year profits despite it being relatively unscathed by the ...
HSBC expected to announce £12bn rights issue
by Kay Murchie
November 28, 2008
Due to the small take-up of its £15 billion share offer by investors, the Government is to own 57.9% of Royal Bank of Scotland (RBS).
This was widely expected as shares in the bank were trading below the 65.5p offer price announced last month.
Last week, shareholders voted by 99% in favour to take the Government money, however, under the terms, the bank ...
Taxpayer owns almost 60% of RBS
by Kay Murchie
November 11, 2008
Spanish bank, Santander, has raised eyebrows today by announcing a €7.2 billion (£5.9 billion) rights issue.
The bank, which recently acquired Alliance & Leicester, said the heavily discounted rights issue will allow it to strengthen its capital and provide an investment opportunity for its shareholders.
However, just last week the bank insisted it had no need to raise capital and the u-turn has, therefore, ...
Santander announces €7.2bn rights issue
by Kay Murchie
