Bradford & Bingley shareholder meeting as it happens

Martin Wainwright from the Guardian is at the Bradford & Bingley shareholder meeting, and will be reporting as it happens. The troubled lender is at the meeting asking for £400m so that they are able to survive this current downturn.

Bradford & Bingley’s share price is now just 52p, this meeting is now the chance to hold the troubled lender to account. Shareholders including Standard Life, Legal & General, Prudential and Insight Investments have agreed to buy about £145 million of shares between them.

Barclays and Lloyds TSB have also promised to purchase a further £150 million of the issue. Citigroup and UBS who are underwriting the rights to buy issue could end up with £105 million on their books.

Bradford & Bingley recently denied that they needed the extra cash, well today shows that they do.

To keep up to date with the shareholder meeting Click Here

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