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HBOS rights issue rumours clarified

In a HBOS trading statement to be released tomorrow shareholders will find out if a rights issue will be signed off.

In an attempt to shore up balance sheets, HBOS directors will discuss a share issue plan ahead of its AGM.

Although no official rights issue has been declared, speculation suggests a £5bn issue to raise fresh funds.

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NR shareholders seek legal review

A potential legal battle between Northern Rock shareholders and the government took a step closer to court recently after Treasury lawyers rejected investors’ pleas for fair compensation. The UK Shareholders’ Association will now seek a judicial review of the decision to base payouts on the assumption that NR was unable to survive without public support. […]

Promise makes 70 redundancies

Promise Finance has shed up to 70 jobs after going into administration. The Wolverhampton-based firm decided to close its business-to-client operation due to worsening market conditions but will continue to operate in the business-to-business sector.

NR submits plan for job cuts

Northern Rock has submitted details of proposed staff cuts to the Department for Business Enterprise and Regulatory Reform.

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