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Hbos call for GBP4bn boost from investors.
(From Western Daily Press)
The country's biggest mortgage lender is writing to its 127,000 shareholders in the West asking them to back its GBP4 billion fundraising plans.
Halifax Bank of Scotland's legion of smaller investors - gained when the former Halifax building society demutualised in 1997 - own around a third of the group with about one billion shares.
Their backing for the rights issue will be crucial as HBOS looks to strengthen its financial base. The bank is sending out a circular with the background and the full timetable for the cash call to its two million-strong army of private shareholders.
Under the terms of the rights issue, it will cost the average investor, holding 374 shares, GBP409.75p to take up the 149 new shares they will be entitled to.
Around 1.4 million people who do not have share certificates - instead holding their stock in a shareholder nominee account or a share ISA - will receive a form of election on or around June 20 telling them how many new shares they are eligible to.
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