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B&B shareholders vote in favour of £400m rights issue

Bradford & Bingley’s shareholders have given the bank’s proposed £400m rights issue the green light at its Extraordinary General Meeting today.

The original EGM had originally been planned for last week but was postponed until today after the move by TPG to withdraw from its deal with the bank.

Instead, shareholders in Sheffield today have now voted in favour of a capital injection of £400m backed by four of its largest shareholders, M&G Investment Managers, Legal & General, Insight Investment and Standard Life Investments.

Shareholders decided to vote for the rights issue despite the fact that B&B shares are still trading below the offer price of 55p.

As of Thursday morning, shares were trading at 51.63p.

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