Standard gets 98.5 per cent rights backing

first_img Show Comments ▼ whatsapp STANDARD Chartered said investors representing 98.5 per cent of its shares signed up for its $5.3bn(£3.3bn) rights issue, which will boost the Asia-focused bank’s capital ahead of tougher global rules.Standard Chartered yesterday said it had received valid acceptances in respect of 256.7m shares offered to shareholders. Bookrunners will sell the shares not taken up, probably early today.The offer — the third-biggest rights issue this year after Deutsche Bank and UniCredit — gave investors the chance to buy one new share at 1,280p for every eight owned. The bank’s London listed shares closed at 1,950p on Friday, remaining remarkably strong despite the discounted rights issue.Standard Chartered said it wanted to continue to seize opportunities across Asia, Africa and the Middle East and tougher capital rules could have constrained its asset growth unless new cash was raised.The bank denied that it wanted to make any sizeable acquisitions with the new money, although some in the City are sceptical of this and expect an acquisition to be made within the next 12 months or so.Standard Chartered chief executive Peter Sands is deemed to have had an excellent crisis, having largely kept the bank out of the many maelstroms that have engulfed the financial sector. He played a part in helping the former Labour government to come up with a plan to recapitalise the banks.Like Barclays and HSBC, Standard has made noises about leaving the UK if it feels the regulatory environment is more hostile than in other territorities. Alone amongst the major UK banks Standard does not have a UK retail network. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raider KCS-content center_img Sunday 7 November 2010 9:16 pm Share Standard gets 98.5 per cent rights backing whatsapp Tags: NULLlast_img read more