LONDON // Barclays investors have backed the British bank's controversial £7 billion pound (Dh38bn) fundraising, Marcus Agius the chairman said on Monday.
Addressing a shareholder meeting called to vote on the plan, Mr Agius said a count of proxy votes had indicated the capital raising would be passed. A final tally of votes would be released later, he said.
Barclays shares were 9 percent higher during intraday trade, while the FTSE 100 share index was up 4.7 percent.
Barclays had been expected to get the 75 percent approval it needed for the plan to go ahead. However, there is likely to be a high number of abstentions in protest, analysts and fund managers have said.
The bank's existing shareholders have been angered that they were not given first refusal on new capital, and that new investors based in Qatar and Abu Dhabi were getting more attractive terms than them.
Shareholders attending Monday's meeting in London subjected Barclays' management to hostile questioning, with several among the approximately 200 investors present calling on the board to step down.
"I feel like we've all been invited to a game of Russian roulette. The only difference is all the chambers are loaded," said Trevor White, a private shareholder since 1962.
Mr Agius said the group had decided against a traditional rights issue because the financial crisis had dimmed investor appetite for banking shares, casting doubt over its ability to raise capital, and potentially sapping investor and depositor confidence in the bank.
"The greater danger was not getting on with it and securing the money. It wasn't a decision we could duck or kick into the long grass, we had to deal with it quickly, which we did," he told shareholders.
Mr Agius also said the lender had decided to shun the UK government's bailout of the banking sector partly because it feared the conditions attached to the rescue programme might force it to scale back its overseas growth and make loans it might not otherwise approve.
The government has said it expects the banks receiving public money to help support the flagging UK economy by keeping lending availability at 2007 levels.
The government is providing up to £37 billion pounds of cash to three banks, and will in return receive stakes of up to 57 percent in RBS, and 43 percent in the combined Lloyds TSB-HBOS.
The Middle East investors are set to provide about £5.3 billion pounds of Barclays' total fundraising target.
Top five investor Legal & General last week said it would vote in favour even though it does not like the structure of the controversial deal, as rejection of the deal would lead to a material deterioration in shareholder value.
The Association of British Insurers, which represents a fifth of UK investors, put a rare "red top" warning on the plan, signalling "an issue of grave concern", and told investors to make their own decision on the vote.
Barclays last week tried to head off a revolt by shareholders by offering them a slice of the capital earmarked for Middle East investors, scrapping this year's executive bonuses, and saying all its board will stand for re-election next year.
"We sure as hell know we're on the spot, and will stand accountable for that," Barclays' Agius told shareholders on Monday.
The reserve capital instruments being taken by the investors pay 14 percent annual interest until 2019 and also carry warrants for ordinary shares.
*Reuters
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
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The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
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Simon & Schuster
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
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Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
SPECS
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Engine: 6.75-litre twin-turbocharged V12 petrol engine
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
UAE currency: the story behind the money in your pockets
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
