Shareholders snub HBOS call
BANKING giant HBOS revealed today less than 10% of shareholders took part in its £4bn rights issue.
The group said just 8.29% of investors opted to buy heavily discounted shares as part of the scheme to help strengthen its balance sheet.
It potentially saddles the rights issue’s underwriters, Morgan Stanley and Dresdner, with more than £3.6bn worth of the new shares.
The investment banks have the next two days to try to sell them at a profit, and will be forced to accept the stock themselves if they fail to do so.
Russia trade chance
TEESSIDE firms are being offered the chance to explore the export opportunities in Russia as UK Trade and Investment hosts a market visit to two of its major cities - Moscow and Ekaterinburg.
UK exports to Russia reached an all time high of £2.8bn in 2007, while exports from the North-east soared by more than 130% - placing Russia in the top 10 export destinations for the region for the first time. UKTI will be hosting the market visit to Russia from October 12-17 to enable companies to find out more about the market and meet potential customers.
For more information or to book a place contact the North East International Trade Hotline on 0845 05 05 054 or email enquiries@ukti.rito.co.uk
A bigger slice
DOMINO’S Pizza today said half-year profits and sales rose strongly as consumers opted to dine at home during the current economic turmoil.
The delivery firm, which operates a network of franchised stores said it was well placed to exceed market expectations for the year. The prediction came after pre-tax profits increased by 32.7% to £10.9m, while like-for-like sales were ahead 11.4% in the 26 weeks to June 29.
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