Barclays has successfully sold £500m of preferred stock made available to institutional investors.
The initial offering to two Middle Eastern sovereign wealth funds precedes a shareholder vote to raise a further £7bn. Sovereign wealth funds in Abu Dhabi and Quatar bought £250m of preferred stock each, which is considerably less than the amount they intended to buy a month ago after existing investors raised concerns. Shareholders will now vote on 24 November on a plan to raise almost £7bn from other funds based in the Middle East. Barclays shares fell 6.42% to 139.9p following the announcement, valuing the bank at a total of around £12bn. Contact: John Bakie, Tel: 020 7484 9805, ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
