Shareholders gave their overwhelming support to Royal & SunAlliance's controversial £960m rights issue.
The company said it had a 92% take-up rate for the new shares.
Shareholders applied for 1. ...
Shareholders gave their overwhelming support to Royal & SunAlliance's controversial £960m rights issue.
The company said it had a 92% take-up rate for the new shares.
Shareholders applied for 1.3 billion new shares.
The rights issue is underwritten by Goldman Sachs, Merrill Lynch and Cazenove which will now seek subscribers for the remaining 8% of the shares being issued.
The group had come under fire from investors for the £35m fee it agreed to pay the investment banks for underwriting its issue.
The high take-up rate will bring relief to R&SA after the rights issue was initially greeted with scepticism. Its share price fell 13% when the plan was first announced.
Group chief executive Andy Haste said: "The successful completion of the rights issue, along with our
existing capital plans, will allow us to fund our future growth and to implement the strategy outlined on 4 September."
