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Barclays Rights Issue
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The Barclays Bank Rights Issue is to be launched this September. Unfortunately I will be on holiday but don't want to miss out on this, does anyone know what the time limit on a rights issue is in case the documents arrive when I'm away?
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Announcement (edited) released at 12:34 today: see Barclays' website for details. BigMac Rights Issue Prospectus and Timetable and Trading Update On 30 July 2013, Barclays announced an underwritten rights issue to raise approximatel
12:26 Mon 16th Sep 2013
If you are a shareholder already (the only way to participate in rights issues then Barclays will send you details of the how/what/when and, indeed, the why of the rights issue.
If you are on holiday for one or two weeks you should be OK; if you are away for the entire month it may be a problem.
Check the Barclays website under 'Investor Relations' or 'Shareholder Information' or similar for further details.
The original announcement (from Tuesday) can be found here:
http://
under the title 'leverage plan'.
If you are on holiday for one or two weeks you should be OK; if you are away for the entire month it may be a problem.
Check the Barclays website under 'Investor Relations' or 'Shareholder Information' or similar for further details.
The original announcement (from Tuesday) can be found here:
http://
under the title 'leverage plan'.
Update From Barclays today, FYI:
4 September 2013
Barclays PLC Rights Issue - Update
Barclays announced on 30 July 2013, as part of its Leverage Plan, an underwritten Rights Issue to raise approximately £5.8 billion (net of expenses). Further to such announcement, Barclays today announces the expected record time for Ordinary Shareholders for the Rights Issue.
It is anticipated that the record time for Ordinary Shareholders' entitlement to participate in the Rights Issue shall be the close of business (London time) on 13 September 2013 (the "Record Time"). As a result (and as outlined in the announcement of 30 July 2013) Ordinary Shares issued to participants in the new Scrip Dividend Programme who have elected to receive all or any part of their entitlement to the second interim dividend in Ordinary Shares will be issued prior to the Record Time and will therefore be eligible to participate in the Rights Issue.
Barclays also anticipates that the Prospectus will be published after the Record Time in September in accordance with applicable rules. A letter from the Chairman of the Company will be posted to Qualifying Shareholders shortly thereafter along with, in the case of Qualifying Shareholders who hold their Ordinary Shares in certificated form, their Provisional Allotment Letter ("PAL"). The Prospectus will not be posted to Qualifying Shareholders but will instead be published on the Company's website Barclays.com, at which time it will be available to Qualifying Shareholders (other than those in the United States and holders of American Depositary Shares of Barclays ("ADSs")).
In addition, Barclays also announces the record time for holders of ADSs, as was communicated to the New York Stock Exchange yesterday in accordance with its rules. The record time for ADS holders' entitlement to participate in the Rights Issue with respect to ADSs has been set at 5.00 p.m. (New York time) on 13 September 2013.
The times and dates referred to above are indicative only and may change. If they do change, Barclays will notify the FCA, the London Stock Exchange, the New York Stock Exchange and, where applicable, make a public announcement.
The full terms and conditions of the Rights Issue will be set out in the Prospectus (which, in the case of certificated shares, should be read in conjunction with the PAL). In the United States and in respect of holders of ADSs, the Rights Issue will be made pursuant to the US Prospectus, which Barclays expects to file with the SEC on or around the date of the Prospectus.
4 September 2013
Barclays PLC Rights Issue - Update
Barclays announced on 30 July 2013, as part of its Leverage Plan, an underwritten Rights Issue to raise approximately £5.8 billion (net of expenses). Further to such announcement, Barclays today announces the expected record time for Ordinary Shareholders for the Rights Issue.
It is anticipated that the record time for Ordinary Shareholders' entitlement to participate in the Rights Issue shall be the close of business (London time) on 13 September 2013 (the "Record Time"). As a result (and as outlined in the announcement of 30 July 2013) Ordinary Shares issued to participants in the new Scrip Dividend Programme who have elected to receive all or any part of their entitlement to the second interim dividend in Ordinary Shares will be issued prior to the Record Time and will therefore be eligible to participate in the Rights Issue.
Barclays also anticipates that the Prospectus will be published after the Record Time in September in accordance with applicable rules. A letter from the Chairman of the Company will be posted to Qualifying Shareholders shortly thereafter along with, in the case of Qualifying Shareholders who hold their Ordinary Shares in certificated form, their Provisional Allotment Letter ("PAL"). The Prospectus will not be posted to Qualifying Shareholders but will instead be published on the Company's website Barclays.com, at which time it will be available to Qualifying Shareholders (other than those in the United States and holders of American Depositary Shares of Barclays ("ADSs")).
In addition, Barclays also announces the record time for holders of ADSs, as was communicated to the New York Stock Exchange yesterday in accordance with its rules. The record time for ADS holders' entitlement to participate in the Rights Issue with respect to ADSs has been set at 5.00 p.m. (New York time) on 13 September 2013.
The times and dates referred to above are indicative only and may change. If they do change, Barclays will notify the FCA, the London Stock Exchange, the New York Stock Exchange and, where applicable, make a public announcement.
The full terms and conditions of the Rights Issue will be set out in the Prospectus (which, in the case of certificated shares, should be read in conjunction with the PAL). In the United States and in respect of holders of ADSs, the Rights Issue will be made pursuant to the US Prospectus, which Barclays expects to file with the SEC on or around the date of the Prospectus.
Announcement (edited) released at 12:34 today: see Barclays' website for details.
BigMac
Rights Issue Prospectus and Timetable and Trading Update
On 30 July 2013, Barclays announced an underwritten rights issue to raise approximately £5.8 billion (net of expenses) (the "Rights Issue"). Under the terms of the Rights Issue, Barclays is offering 3,219,067,868 New Ordinary Shares by way of rights to Qualifying Shareholders at 185 pence per New Ordinary Share. The Rights Issue is being made on the basis of one New Ordinary Share for every four Existing Ordinary Shares held by Shareholders at close of business on 13 September 2013, the Record Date.
1. Publication of the Prospectus
Barclays is pleased to announce that it has today published the Prospectus for the Rights Issue in accordance with the Prospectus Rules of the UK Listing Authority.
The Prospectus will shortly be available on the Company's website Barclays.com/rightsissue. In addition, the Prospectus will be submitted to the National Storage Mechanism, where it will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
2. Timetable
The expected timetables of the principal events under the Rights Issue in respect of the New Ordinary Shares and the ADSs are set out in the Appendix to this announcement.
3. Admission
Application has been made to the UK Listing Authority for the New Ordinary Shares to be admitted to the premium listing segment of the Official List, and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that admission to listing of the New Ordinary Shares, nil paid, and dealings in the New Ordinary Shares, nil paid, on the London Stock Exchange's main market for listed securities will commence at 8.00 a.m. on 18 September 2013.
4. Current trading and prospects
Consistent with the Interim Results, Barclays continues to remain cautious about the environment in which it operates and its focus remains on costs, capital, leverage and returns in order to drive sustainable performance improvements.
The Group's adjusted income for July and August 2013 was £0.5 billion lower than in the comparable period in 2012. As a result, the Group's adjusted income for the eight month period to 31 August 2013 was down 5% compared with those months in 2012. Adjusted income for the Group, excluding the Investment Bank, for July and August 2013 was broadly flat versus those months in 2012. Income in the Investment Bank for July and August 2013 was significantly below those months in 2012, with lower income in FICC partially offset by growth in Equities and Prime Services. The daily income run rate in the Investment Bank in the current month to 12 September 2013 (being the latest practicable date prior to the publication of the Prospectus) was moderately ahead of the daily income run rate for the months of July and August 2013 and below that for September 2012.
Group impairments in July and August 2013 were broadly consistent with those months in 2012 and Barclays continues to observe similar trends to those seen in the six month period ended 30 June 2013 with delinquency rates stable, a low, stable annualised Loan Loss Rate below the Group's long term average, and improvements in wholesale lending reflecting lower impairment charges in Europe.
Cost control remains a critical component for Barclays to achieve its commitments, with an expectation of £1.2 billion of Costs to Achieve ("CTA") Transform in 2013, reflecting the acceleration of £200 million of the £2.7 billion total as previously disclosed and having recognised £640 million during the six months ended 30 June 2013 on restructuring and investment, predominantly in the Investment Bank and Europe Retail and Business Banking. Barclays remains focused on cost efficiency and is on track to meet the £18.5 billion cost target, excluding CTA, for 2013.
BigMac
Rights Issue Prospectus and Timetable and Trading Update
On 30 July 2013, Barclays announced an underwritten rights issue to raise approximately £5.8 billion (net of expenses) (the "Rights Issue"). Under the terms of the Rights Issue, Barclays is offering 3,219,067,868 New Ordinary Shares by way of rights to Qualifying Shareholders at 185 pence per New Ordinary Share. The Rights Issue is being made on the basis of one New Ordinary Share for every four Existing Ordinary Shares held by Shareholders at close of business on 13 September 2013, the Record Date.
1. Publication of the Prospectus
Barclays is pleased to announce that it has today published the Prospectus for the Rights Issue in accordance with the Prospectus Rules of the UK Listing Authority.
The Prospectus will shortly be available on the Company's website Barclays.com/rightsissue. In addition, the Prospectus will be submitted to the National Storage Mechanism, where it will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
2. Timetable
The expected timetables of the principal events under the Rights Issue in respect of the New Ordinary Shares and the ADSs are set out in the Appendix to this announcement.
3. Admission
Application has been made to the UK Listing Authority for the New Ordinary Shares to be admitted to the premium listing segment of the Official List, and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that admission to listing of the New Ordinary Shares, nil paid, and dealings in the New Ordinary Shares, nil paid, on the London Stock Exchange's main market for listed securities will commence at 8.00 a.m. on 18 September 2013.
4. Current trading and prospects
Consistent with the Interim Results, Barclays continues to remain cautious about the environment in which it operates and its focus remains on costs, capital, leverage and returns in order to drive sustainable performance improvements.
The Group's adjusted income for July and August 2013 was £0.5 billion lower than in the comparable period in 2012. As a result, the Group's adjusted income for the eight month period to 31 August 2013 was down 5% compared with those months in 2012. Adjusted income for the Group, excluding the Investment Bank, for July and August 2013 was broadly flat versus those months in 2012. Income in the Investment Bank for July and August 2013 was significantly below those months in 2012, with lower income in FICC partially offset by growth in Equities and Prime Services. The daily income run rate in the Investment Bank in the current month to 12 September 2013 (being the latest practicable date prior to the publication of the Prospectus) was moderately ahead of the daily income run rate for the months of July and August 2013 and below that for September 2012.
Group impairments in July and August 2013 were broadly consistent with those months in 2012 and Barclays continues to observe similar trends to those seen in the six month period ended 30 June 2013 with delinquency rates stable, a low, stable annualised Loan Loss Rate below the Group's long term average, and improvements in wholesale lending reflecting lower impairment charges in Europe.
Cost control remains a critical component for Barclays to achieve its commitments, with an expectation of £1.2 billion of Costs to Achieve ("CTA") Transform in 2013, reflecting the acceleration of £200 million of the £2.7 billion total as previously disclosed and having recognised £640 million during the six months ended 30 June 2013 on restructuring and investment, predominantly in the Investment Bank and Europe Retail and Business Banking. Barclays remains focused on cost efficiency and is on track to meet the £18.5 billion cost target, excluding CTA, for 2013.
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