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HBOS bosses in share support move | HBOS bosses in share support move |
(about 3 hours later) | |
Senior management and staff at HBOS have bought more than £6m worth of the bank's shares after a steep fall in the firm's share price last week. | Senior management and staff at HBOS have bought more than £6m worth of the bank's shares after a steep fall in the firm's share price last week. |
The bank said the move was a "demonstration of confidence" after it was hit by "malicious rumours". | The bank said the move was a "demonstration of confidence" after it was hit by "malicious rumours". |
HBOS boss Andy Hornby spent £414,000 of his annual bonus to buy 92,812 shares. | HBOS boss Andy Hornby spent £414,000 of his annual bonus to buy 92,812 shares. |
He was joined by bank's executive directors and 250 senior managers, who together purchased 1.4 million shares at 446.25p. | He was joined by bank's executive directors and 250 senior managers, who together purchased 1.4 million shares at 446.25p. |
Last Wednesday, HBOS shares at one point fell as much as 17% amid rumours it was facing similar problems to Northern Rock. | Last Wednesday, HBOS shares at one point fell as much as 17% amid rumours it was facing similar problems to Northern Rock. |
HBOS said the rumours were ill-founded and malicious. | HBOS said the rumours were ill-founded and malicious. |
The UK's financial watchdog, the FSA, is investigating whether the rumours had been deliberately spread to undermine the value of bank shares. | The UK's financial watchdog, the FSA, is investigating whether the rumours had been deliberately spread to undermine the value of bank shares. |
Shares in HBOS ended the week at 473.50p. | Shares in HBOS ended the week at 473.50p. |
Referring to the purchases, an HBOS spokesman said: "This is a very straight forward demonstration of the very high confidence our senior management has in HBOS. | |
"This is a very strong company with good prospects." | |
They added: "This sort of thing is exactly what the City wants to see, and this is the best answer to those people who spread false and maliciousrumours." |
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