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Tuesday 19th August 2008
It has been revealed that a staggering 72% of the shares on offer in the Bradford and Bingley rights issue have been left with the underwriters. While the figure is better than some of the more recent rights issues in the sector it still leaves a very large over hang of stock for the market to absorb before you would expect the share price to move ahead.
The news of the low take up was deflected somewhat by confirmation that ex-Alliance and Leicester head Richard Pym is to take over the role of Chief Executive at the group in what is seen as a push by shareholders for change in the top management. The move seems to have allayed the fears of some that the group is in meltdown but it does not hide the terrible state of the buy-to-let market in which the group is so prominent.
On a negative note it seems as though Bradford and Bingley shares are the most ‘shorted’ in the market with some 51 million shares ‘out on loan’, i.e. sold in the market by those who do not hold the underlying stock, with the intension of buying them back if the price falls. |
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