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Loan stock offer gets lukewarm reception

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Infobank's shareholders yesterday rejected the majority of a loan stock offer worth £8,942,317. Only £3,117,014 of the open offer was applied for -- around 35 per cent of the nominal value offered. The board said the 65 per cent (£5,825,303) of unwanted stock was then conditionally placed with institutional and other investors. An Extraordinary General Meeting of Infobank will be held tomorrow (18 December), at which a special resolution will be proposed to approve the Placing and Open Offer. If the resolution is passed, dealings in the Loan Stock are expected to commence on 22 December. ®

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