Santander snubs UK investors in rights issue - papers

The shareholders, who became Santander investors when the Spanish bank took over Abbey and Alliance & Leicester, will not be able to take part in the rights issue. Santander has written to most of the 1.8 million who hold its shares through a nominee service arguing that it was logistically too difficult to offer them new shares. Instead, their rights will be compulsorily sold in the market and any proceeds forwarded to them. Santander added insult to injury, according to some shareholders, by expecting them to pay the brokerage costs of selling their rights and the fees for converting ...