10:10 AM Wed, Apr 23, 2008 | Permalink
By John Kostrzewa  Email this author | Email this entry |
Tom McKillop, chairman of Royal Bank of Scotland Group, owner of Providence-based Citizens Financial Group, this morning said plans to raise $24 billion in a rights offer serves the “best interests” of shareholders.
“It does not mean destruction of value,” McKillop told investors at the annual meeting in Edinburgh. Shareholders are scheduled to vote on 13 proposals including the reelection of McKillop and finance director Guy Whittaker.
The stock offer is intended to shore up capital depleted by writedowns and the takeover of ABN Amro Holding NV. The offer could dilute existing shareholdings by as much as 38 percent, according to estimates by Keefe Bruyette & Woods.
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