Apr 29, 2008
Capital increase of 4 billion pounds for HBOS
British bank HBOS announced plans to increase capital by issuing subscription rights for a total of 4.0 billion pounds sterling (5.1 billion euros) to strengthen its balance sheet weakened by impairment of assets.
The number one mortgage credit in the United Kingdom will provide two new shares for five existing shares at a price of 275 pence, representing a discount of 45% over the closing price on Monday (495.5 p).
HBOS said that its depreciation since the beginning of the year so far amounted to 970 million pounds on its trading activities and 1.87 billion pounds after tax on its banking activities.
She adds that it will reduce its dividend payout ratio of dividends to 40% and the 2008 interim dividend will be paid in shares.
by erectusplus at 10:00 AM |
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