Its £4bn rights issue closes on Friday. With the new stock being offered at 275p it is safe to assume there will not be many takers. In fact the only acceptances are likely to be from those (mainly retail) shareholders who have already sent in their forms. What’s the likely take-up? On Tuesday, JPMorgan Cazenove suggested a figure of 60-80 per cent - a projection the house might want to revisit. Also see this piece about the likely overhang.

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