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Bradford And Bingley Cash Call Goes To The Wire

It seems unbelievable that it is only today that we have seen the close of the Bradford and Bingley £400 million cash call - a saga which seems to have been going on for months!

The controversial cash call which was initially priced at 82p a share, only to be reduced to 55p a share, has also seen a potential US partner agree to come on board only to drop out at the last minute. In simple terms it has been a disaster from a PR perspective and not much better from an investment one.

As the shares languish at 55.25p, just above the offer price for the new shares, it looks as though the vast majority will be left with the underwriters. Few investors have the spare cash or the inclination to increase their exposure to a group which has lurched from one crisis to another of late. The buy to let specialists is also heavily involved in a market which has struggled to show any signs of life over the last 6 months and many are predicting further doom and gloom for the sector.

Will a white knight run to the rescue of Bradford and Bingley? Will the buy to let market suddenly burst into life? Don't hold your breath as the ride could get very rocky indeed.

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