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RBS rights issue gets 95% take up

The Royal Bank of Scotland has received a 95 per cent take up of its £12bn rights issue.

It says it has received valid acceptances in respect of 5,823,635,440 new RBS ordinary shares, representing approximately 95.11 per cent.

The bank says its underwriters will now seek subscribers for the remaining 299,375,022 new RBS ordinary shares.

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A shaw thing

Annie Shaw is a freelance financial journalist
To the Chelsea Flower Show as a guest of HBOS, where the flowers were fab and I met Jamie Oliver – no, not that one. The one enjoying Halifax’s hospitality is the author of sundry books about death and sex (separate titles) and also writes about entrepreneurs and other financial things for the Daily Telegraph.

Relative values

There is no doubt that this has been a challenging period for UK equities, particularly those which invest in smaller companies. Over the year to April 30, the total return for the FTSE 100 was -2 per cent compared with -19.3 per cent for the smaller companies market as measured by the Hoare Govett Smaller Companies index excluding investment trusts.

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