B&B rejects revised Resolution rescue plan

Resolution went back to the bank with a revised £400m capital raising and restructure plan, but B&B has rejected its request for due diligence access. Under the amended proposal, the Bradford & Bingley board would remain in full control of the lender; with leading investors voting rights limited to 29.9%, regardless of shareholding size. Resolution says its 72p per share plan is “materially higher” than the TPG investment and is aligned with the wishes of B&B investors. It has also asked to nominate up to three non-executive directors to the B&B board and says it would make senior per...