- TPG Capital (“TPG”), a leading global private investment firm, has agreed to invest approximately £179 million and become a major strategic investor owning 23% of the Company upon completion
- A Restructured Rights Issue will raise approximately £258 million and, together with TPG’s investment, will raise additional capital of approximately £400 million, net of expenses. All shares will be issued at an offer price of 55 pence per share
- Difficult economic conditions have led to a decline in net interest margin and increasing arrears. Underlying profits for the first four months of the year amounted to £56 million compared to £108 million in 2007. The trading update highlights a more cautious outlook for the year
- Steven Crawshaw has stepped down as Group Chief Executive with immediate effect as a result of serious illness. Chairman Rod Kent has become Executive Chairman
Analysts conference at 9.30 BST.
Shares suspended at the opening, but unofficial auction price of 70p against Friday’s close of 88.25p.