This blog is not meant to be solely about Bradford & Bingley but the situation is too fascinating not to comment on. According to the Telegraph this morning, Citi and UBS did invoke the MAC clause to get out of their underwriting commitments, and were then contacted by the FSA to, ahem, “discuss their intentions”. I have no idea why the shareholders are livid with the underwriters – they should be livid at B&B for not being upfront in the first place.
The next point of interest will be to read the new circular. I wonder how much of the £37 million fees TPG will be getting as an “arrangement fee” or similar.
And what happens when the price goes through the 55p level? One just hopes that B&B don’t have any more skeletons hiding in the closet.
Posted by quonga 