B&B trading at 38% discount to rights issue

The lender’s share price has fallen more than 18% this morning to 34.25p, more than 90% lower than this time last year. B&B’s price crash has damaged its hopes of raising the full £400m in the rights issue; with underwriters more than likely to bear the brunt of the decline. Large B&B shareholders – Standard Life, Legal & General, Prudential and Insight – are among those feeling the full effects of the plummeting price, after committing up to £150m in the revised rights offer. Private equity firm TPG’s decision to pull out of a £179m investment on Friday exacerbated the already fragil...