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The Guardian - UK
The Guardian - UK
Business

Bradford & Bingley

Bradford & Bingley EGM. Photograph: Martin Wainwright
The Sheffield Arena played host to Bradford & Bingley’s shareholder meeting today, where it gained approval for its £400m cash call - and was also lambasted for its recent shambolic performance. We were there to record all the action Photograph: Martin Wainwright/Guardian
Bradford & Bingley EGM. Photograph: Nigel Roddis/Reuters
Only 56 shareholders actually made it through the Yorkshire rush-hour traffic in time for the 9am start - something that proved beyond the bank’s non-executive directors. One said he wanted to learn 'why they’ve made such a mess of things'. Photograph: Nigel Roddis/Reuters
Bradford & Bingley EGM. Photograph: Roger Moody/PA
Chairman Rod Kent, who struck a humble tone, was criticised by shareholders for the many mistakes made by B&B. He ruled out any 'fat cat' bonuses for top management, but was also taken to task for the upbeat comments he made at May’s AGM Photograph: Roger Moody/PA
Bradford & Bingley EGM. Photograph: Martin Wainwright
Shareholders such as Geoff Wood looked on after the meeting while Kent was grilled about B&B’s sometimes shambolic rights issue. Wood believes that B&B will turn things around. But other investors said the company was also giving poor service in its branches Photograph: Martin Wainwright/Guardian
Bradford & Bingley EGM. Photograph: Rui Vieira/PA
There were nearly as many journalists and security staff as shareholders, meaning very few interview opportunities. The valiant few who did make it were not tempted to hang around afterwards for buns and coffee Photograph: Rui Vieira/PA
Bradford & Bingley EGM. Photograph: Martin Wainwright
With attendances at the Arena so sparse, most votes were cast by proxy. B&B got over 93% support for the rights issue, but a second resolution to pay dividends in new shares not cash attracted more opposition, with nearly 15% failing to back it. Don’t miss Martin Wainwright’s live blog of all the action Photograph: Martin Wainwright/Guardian
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