MENU

Barclays PLC Reveals Rights Issue Prospectus

Barclays (LSE: BARC) (NYSE: BCS.US) has revealed further details of the £5.8bn rights issue by publishing its prospectus.

It confirms the following timetable for those hoping to take part in the four-for-one rights issue, with new ordinary shares issued at 185p, a discount of some 40% to today’s price:

  • Close of business on 13 September — Record Date for entitlement under the Rights Issue for Qualifying Shareholders and Qualifying Sharestore Members;
  • 17 September — Despatch of Provisional Allotment Letters and Sharestore Forms of Instruction;
  • 8.00 a.m. on 18 September — Admission, Dealings in New Ordinary Shares, nil paid, commence on the London Stock Exchange, Existing Ordinary Shares marked “Ex-Rights” by the London Stock Exchange;
  • As soon as practicable after 8.00 a.m. on 18 September — Nil Paid Rights credited to stock accounts in CREST, Nil Paid Rights and Fully Paid Rights enabled in CREST;
  • 2.00 p.m. on 2 October — Latest time and date for acceptance and payment by settlement of an MTM instruction in CREST;
  • 11.59 p.m. on 2 October — Latest time and date for receipt of an acceptance, instruction and payment by returning a Provisional Allotment Letter or a Sharestore Form of Instruction and registration of renounced Provisional Allotment Letters
  • 8.00 a.m. on 4 October — Results of Rights Issue to be announced, Dealings in New Ordinary Shares, fully paid, commence on the London Stock Exchange

Management confirmed that the bank “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”.

Of course, whether the present valuation and the forthcoming rights issue combine to make the shares of Barclays a 'buy' remains something only you can decide.

However, if you already own Barclays shares and are looking to complement that holding with a buying opportunity away from the unpredictable banking sector, the Fool's top analysts have named one company they believe will generate superior long-term capital growth...

...and such is their conviction, they have declared the share "The Fool's Top Growth Stock For 2013".

Simply click here for the report -- it's free.

> Sam owns shares in Barclays.