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Underwriters Brace For Heavy Impact In Crunch Fundraising Week For Uk Lenders

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"British banks face a crucial week, with Bradford & Bingley shareholders due to convene in Sheffield on Thursday to ratify the lender's third attempt at a £400m rights issue in less than two months and many HBOS investors expected to shun the bank's £4bn cash call when it closes at the end of this week.

The bank, which owns Halifax and Bank of Scotland, has invited its 2 million shareholders to buy extra shares at 275p. Shareholders have until Friday to decide whether to exercise their rights. But most advisers have informed clients to stay away after the bank's shares sank below the offer price last week, finishing on Friday at 266p.

Banks led by Morgan Stanley and Dresdner Kleinwort, which agreed to step in and buy the shares in the absence of shareholder support, are expected to be left holding most of the shares when the fundraising is concluded."

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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