UK Money News
3rd June 2008
B&B shareholders urged to be cautious over rights issue
Investors have been urged to think carefully before they commit to Bradford & Bingley's (B&B) rights issue.
After initially announcing a rights issue asking for £300 million, the building society has since withdrawn this offer and replaced it with a restructured deal seeking £285 million.
The second deal has priced shares in the company more attractively with new shares at 55p and ordinary shares at 64p
However, according to Graham Spooner, investment adviser at The Share Centre, potential investors would be prudent to wait until further information about the company's health emerges before committing.
This is especially important in view of the company's shares slumping by 30 per cent recently, he added.
Mr Spooner said: "This poor performance, along with the relatively small discount on offer to investors in the rights issue leads us to continue to be negative about B&B for the short-term at least, and we urge investors to wait until the last minute before making their decision to act on the rights issue in the hope that the share price will settle down."
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