Paragon solves rights issue

The Paragon Group has confirmed the successful sale of all 100 per cent of its shares.


21 February, 2008

After initially only placing 90 per cent of its shares leaving UBS to find buyers for the remaining 10 per cent, the Group has now managed to sell the total pot.

This comprised 28,934,843 shares out of a total 258,075,437.

The lender was forced into the move to pay off a £287m corporate facility which it could not renew with its funders on commercially viable terms, due to the problems currently facing the capital markets.




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