UK bank Halifax has a flop with its rights issue.

 The UK banking group HBOS (Halifax Bank of Scotland) have experienced a flop with its rights issue or capital raising issue. Just 8 pct of Halifax's shareholders have taken up the rights and the bank's main underwriters Morgan Stanley and Dresdner are looking for other investors right now.
The missus is in the quandary of whether to take up the rights at Bradford and Bingley, a much smaller operation than Halifax, in its £400m capital raising operation.Both Halifax and Bradford and Bingley have been sitting ducks for short-selling due to the long process of raising new money from a rights issue (you have the right to buy shares in the proportion of those you
own).
Royal Bank of Scotland benefited from being first in the queue with its £12bn issue although no one seems to want theScottish banking group's Direct Line. I am a Direct Line customer and feel a bit sad that RBS wants to sell it. This is so to raise more cash following the expensive acquisition of
the majority of Dutch banking group ABN Amro.www.searchaccountant.co.uk