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July 04 Bradford & Bingley: TPG pulls out
Fortunately Bradford’s biggest shareholders, including M&G, Legal & General and Standard Life, have come to the bank’s aid and it will continue to raise £400m at 55p in a rights issue underwritten by UBS and Citigroup. But the rescue package didn’t stop Bradford’s shares from plunging 15 per cent at one point this morning to below the rights issue price. They have since stabilised to 55.75p but are still down 9 per cent. Mike Trippitt, analyst at Oriel Securities, downgraded his recommendation on the shares to reduce and believes there is further downside risk for the shares, despite the recent poor performance. However, some City pundits argue that the new arrangement may be a “blessing in disguise” as some shareholders were unhappy with the TPG tie-up. Meanwhile, Cityblogger must bid you a fond farewell as he is hanging up his quill to focus more fully on salvaging his ailing investment portfolio. Many thanks for your support and comments over the past year. It’s been delicious fun. Good luck, my friends, and take good care in these choppy markets.
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