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HBOS issues
21 July, 2008
Fewer than 10% of shareholders in HBOS took part in the bank’s share issue where it was trying to raise £4 billion.
HBOS shares are likely to fall as a result, however it doesn’t mean it won’t get the money. The share issue was underwritten by Morgan Stanley and Dresdner who will now own more than 90% of the new shares.
The bank’s main problem was falling share prices as shareholders could buy shares on the open market at a cheaper rate than the rate offered in the issue. RBS managed to raise £12 billion, whilst Barclays raised £4.5 billion.