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Speculation has been mounting that further interest rate cuts will be announced by the Bank of England, after minutes from its previous meeting on cuts were released. They reveal that the Bank's n...
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Thursday 12th June 2008
In a move which is heavily connected to the housing market, HBOS (consisting of Halifax and Bank of Scotland) saw £1.3 billion wiped off the value of the company. The share price is now well below the price at which investors are being asked to buy new shares in the £4 billion emergency fund raising exercise. So what next?
While the offer is fully underwritten, with Morgan Stanley and Dresdner Kleinwort having already agreed to purchase shares not taken up by shareholders, there may need to be some flexibility on the terms. At this moment in time is looks as though Morgan Stanley and Dresdner Kleinwort may well end up with the vast majority of the new shares, and while they would not look to dump the shares on the market immediately, they will not be long term holders.
This all adds to the feeling of woe in the banking sector just after a period in which hopes were high that the sector was over the worst. Quite where this latest collapse in the share price leaves HBOS remains to be seen but it looks as though the sector may well be in for a very rocky ride over the next 12 months. |
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