B&B shareholders approve £400m cash call

At a rescheduled EGM in Sheffield this morning, shareholders voted in favour of the plan, which is primarily funded by large institutional investors. B&B shares are currently trading below the 55p rights issue price, at 51.25p. The bank was forced to tap up investors for the full rights issue after US private equity firm TPG pulled out of a £179m investment just days before the originally scheduled EGM on 7 July. Earlier this month B&B's share price fell below 35p, more than 90% lower than this time last year. Bradford & Bingley’s cash call comes at a pivotal moment for UK banking insti...