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Bank sector in turmoil as HBOS share price falls
Summary from the United Kingdom, from articles in English
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Barratt Developments, Britain's second-largest housebuilder, was forced to reassure the City about its financial position yesterday after a collapse in its share price. (article 1)
The British banking sector was thrown into fresh uncertainty yesterday as underwriters to the huge HBOS rights issue were faced with the prospect of being lumbered with $4 billion of unwanted shares. (article 3)
The fresh alarm was triggered when HBOS shares dropped below the 275p price at which it plans to issue $4 billion worth of new stock in five weeks, closing at 258p, down 12 per cent. (article 3)
Leading Bradford & Bingley shareholders may call on Rod Kent to resign in the wake of the botched $400m rights issue plan. (article 4)
Several of the UK's largest banks have seen their shares tumble amid lingering concerns about the UK economy. (article 2)
The HBOS sell-off meant its share price fell to 258 pence, less than the 275p price at which investors have been offered shares in a $4bn rights issue. (article 2)
The slump in HBOS shares prompted the firm to issue a statement maintaining that its planned rights issue - designed to bolster its balance sheet - was fully under-written by investment banks and proceeding "according to plan". (article 2)
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Event tracking:
Story keywords
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HBOS, shares, Barratt, price, Bank |
Source articles
- Barratt shareholders press the panic button amid huge debt burden (business.timesonline.co.uk, 06/12/2008, 541 words)
- Banks hit as FTSE sees sell-off (BBC News, 06/11/2008, 431 words)
- Bank sector in turmoil as HBOS share price falls (business.timesonline.co.uk, 06/12/2008, 799 words)
- Banking & Finance News (business.timesonline.co.uk, 06/12/2008, 360 words)
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blaster@cs.columbia.edu
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