Retail shareholders only took up half of a rights entitlement offer in Australia’s biggest bank amid market volatility and uncertainty about the economy Small investors have delivered an embarrassing snub to Commonwealth Bank after only half the shares from an expected $3bn rights entitlement offer were taken up by shareholders despite a discounted rate.
Stock market volatility and the uncertain outlook for Australia’s banks have been blamed for the rejection which left the bank with a $1.5bn gap in its capital raising diagram.Continue reading...
Source: theguardian.com