Feeds

Egg flotation doesn't stink

But online trading trouble stalls customer get rich quick plans.

  • alert
  • submit to reddit

Security for virtualized datacentres

Shares in internet bank Egg soared on its first day of trading but online private investors couldn't make a quick buck due to technical hitches.

Trading began at 177.5p and reached a high of 190p and has since settled down to around 176p.

Egg customers were emailed shares last night with accompanying customer numbers and a link to the Lloyds TSB registrars site where they could trade provisionally online until trading in London opened this morning.

Technical hitch number one: The link to the Lloyds TSB site was broken, meaning that while the banking community could trade the shares, private investors could not.

Hitch Two: Egg customers could not trade even after the link had been restored. It transpired that a zero prefix had been omitted from the customer number emailed to investors - a human error that took some time to remedy.

A tenfold oversubscription meant that both private and institutional investors' applications were scaled back. The sale was expected to raise £150 million for Egg and £86 million for Prudential.

The 160p share price set yesterday by Egg's parent Prudential, valued interent banking offshoot at £1.3 billion.

Meanwhile, Abbey National has joined the fray as its internet bank, Cahoot, went live today. The bank is offering an interest free overdraft and credit card for a year to "at least" the first 25,000 people to sign up for an account.

Predictably, some users had trouble accessing the site - it seems Abbey National underestimated the demand for two grands-worth of free overdraft. No one at Cahoot could be reached for comment.

Those customers who miss the first wave of accounts will be charged between 7 and 11 per cent on overdrafts and will receive interest on accounts in credit of around three per cent.®

Beginner's guide to SSL certificates

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
America's super-secret X-37B plane returns to Earth after nearly TWO YEARS aloft
674 days in space for US Air Force's mystery orbital vehicle
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.