Business Services Industry
UK Insurer Prudential's cash call unleashes investors' criticism of CEO.
Knight Ridder/Tribune Business News, November, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 12--Insurer Prudential won only grudging support for its controversial 1 billion pounds cash call as shareholders took up 92 percent of its heavily-discounted rights issue.
The shock cash call unleashed a firestorm of criticism of Pru's chief executive Jonathan Bloomer. The City believes it is only a matter of time before rebel investors are presented with his scalp.
Analysts said shareholders took up their rights in the issue largely because the new shares were attractively priced, rather than as an endorsement of Bloomer.
The insurer held a board meeting yesterday where topics under discussion included concerns raised with senior independent...
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