Barclays PLC stands behind Middle East plan
Nov 18, 2008 | Comments 0
On Tuesday Barclays (LON:BARC) caved in to the banks larger shareholders and changed the terms of its £7 billion capital raising plan, giving investors the chance to contribute in the issue of a security which will pay a 14 percent coupon.
Barclays (LON:BARC) also announced that in the bank’s annual meeting in April 2009 they will put its entire board of directors up for re-election, in light of the circumstances of the capital raising.
The move has come after Barclays (LON:BARC) shunned the offer of a UK government bailout and instead looked for investment from the Middle East, with one investor being part of the Abu Dhabi’s royal family Sheikh Mansour Bin Zayed Al Nahyan and the other investor being the Qatar Investment Authority.
The UK bank also announced that the top seven executive directors have waivered their annual bonus for 2008.
In early trade on Tuesday, Barclays (LON:BARC) shares went up 3 percent or 5p to 159p.
Source: FT
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