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Paragon shareholders vote in favour of rights issue

Paragon has confirmed that its shareholders have voted unanimously in favour of its proposed rights issue at its Extraordinary General Meeting today.

The buy-to-let specialist lender had announced to the stock market in November that it would have to do an emergency rights issue as a result of funding problems caused by the credit crunch.

It has since revealed that it will not be accepting any new lending from February 28 as its warehouse loan facility is not being renewed.

As a result of today’s EGM, the 1 for 10 share consolidation of the company’s Existing Ordinary Shares will take place at the close of business today, 28 January 2008.

Apart from the change in nominal value, the New Ordinary Shares arising on
implementation of the Share Consolidation will have the same rights as the
Existing Ordinary Shares, including voting, dividend and other rights.

The Rights Issue is conditional upon the New Ordinary Shares of the Company
being admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange.

Application has been made to the UKLA for the New Ordinary Shares (nil and fully paid) to be admitted to the Official List and to the London Stock Exchange for the New Ordinary Shares (nil and fully paid) to be admitted to trading on the London Stock Exchange’s main market for listed securities.

It is expected that admission will become effective and that dealing in the New Ordinary Shares will commence on the London Stock Exchange, nil paid, at 8.00 am on 29 January 2008.


Profit warning from FSA on mortgages

The FSA warns in its Risk Outlook for 2008 that mortgage intermediaries and packagers could face pressures on profitability due to declining business volumes. It also forecasts a rise in repossessions.

Zurich job for Blair

Former Prime Minister Tony Blair has signed an advisory agreement with Zurich Financial Services to provide guidance on international politics.Blair, who recently joined JP Morgan as an adviser for £2.5m a year, will advise Zurich chief executive officer James Schiro and provide general guidance on developments and trends in international politics.He will advise and collaborate […]

ScotLife adds 16 core funds

Scottish Life has added four investment partners and 16 funds to its core range.The new partners are Allianz Global Investors, BlackRock, HSBC and Newton, which join fund companies including Artemis, Baillie Gifford and Invesco Perpetual.The move brings the total fund choice in the core range to 82. Policyholders will have access to nine new actively […]


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