"Bradford & Bingley shares tumbled to new lows today, dropping further below the 55p-a-share price of its £400m rights issue, as the City speculated that the buy-to-let lender is worthless.
The group's stock plunged more than 22pc to just 32.5p in early trading this morning. The slide follows a wave of investor concerns yesterday, after Pali International, a stockbroker, cut its target price for the bank to "zero" and calculated B&B's "net present value" to be -14p. In a separate note, banking specialist Fox-Pitt, Kelton said: "We cannot rule out the possibility of an effective failure with shareholders receiving little or nothing for their shares.""
Do read the rest of the article but prepare to get even more depressed. Gordon Brown and Tony Blair have destroyed the UK economy through inept management and over optimistic assumptions and now we are going to have to suffer the consequences whilst they retire on their huge publicly funded pensions - it is not fair!
No comments:
Post a Comment