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LONDON (Alliance News) - Barclays PLC said Friday it had received 94.63% acceptances for its GBP5.96 billion rights issue.
Acceptances for 3.05 billion shares were received by the deadline for the offer, which was priced at 185 pence per share compared to Barclays' closing price Thursday of 273.00 pence per share.
The new shares will begin trading at the open Friday. Barclays has since confirmed that the 172.9 million shares not taken up have been sold by by the bookrunners of the rights issue - Credit Suisse, Deutsche Bank, Bank of America Merrill Lynch and Citi.
The remaining shares were sold at a price of 268 pence each.
Barclays' GBP5.96 billion rights issue was a success in spite of a spate of legal issues unveiled in the bank's prospectus.
One such legal issue was the announcement that the bank would contest a GBP50 million fine after the Financial Conduct Authority said it failed to inform the market about a GBP322 million payment to Qatari investors in 2008 as part of capital raisings that enabled it to avoid a UK Government bailout. The capital raisings in 2008 raised GBP11.8 billion, with a large chunk of that coming from Qatari investors.
The rights issue prospects was published on the same day as a trading update revealed a deterioration at its investment bank over the summer months.
Barclays announced the rights issue after UK regulators asked it to shore up its capital buffers after it came up short against a new 3.0% leverage ratio requirement. The bank was found by the Prudential Regulation Authority to have a leverage ratio was 2.2% - a gap of GBP12.8 billion - as of June 30.
The remainder of the leverage ratio shortcoming will be made up from retention of earnings, cost cutting and other capital.
Barclays shares were Friday quoted at 271.7 pence, down 1.3 pence, or 0.5%.
By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
Update by Sam Agini; samagini@alliancenews.com; @samuelagini
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