Tuesday, Nov 20, 2007
Paragon Shares Plunge After Lender Plans Rights Offer
Bloomberg: Paragon Shares Plunge After Lender Plans Rights Offer
Paragon Group shares sank as much as 50 percent in London trading after profit fell more than analysts estimated at the U.K. mortgage lender, which may need to raise as much as 280 million pounds ($547 million) by selling new shares.
Paragon said it slowed lending to new customers and withdrew certain mortgage products to limit the risk of writing unprofitable business.
Posted by sag3000 @ 08:35 AM (177 views) Add Comment
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