UBS makes £7.94bn rights issue call

Shareholders will be entitled to seven new UBS shares for every 20 already held. The shares will be priced at CHF21, a discount of over 30% on last night’s close at CHF30.64. The right issue comes just a day after UBS completed the sale of $15bn in US real estate related assets to BlackRock. The Zurich-based firm has been the second hardest hit global bank during the sub-prime crisis, writing down about $37bn in bad debt. “The rights issue was fully underwritten by a syndicate of banks on 1 April 2008 and the related capital increase was authorized by the shareholders of UBS AG on 23 Apr...