HBOS rights issue underwriters, Dresdner Kleinwort and Morgan Stanley, have each been left with a 20% stake in the UK bank following a rump placement of the shares on Monday afternoon, but insist they will not be forced into selling the shares at a loss despite the lack of demand.
Dresdner Kleinwort and Morgan Stanley have been left with the shares, worth a combined total of about £1.48bn (â¬1.87bn) after the £4bn rights issue and a subsequent share offer yesterday afternoon only found demand for 37.8% of the stock.
