Fundraising support

Nov 22 2008 by Tony McDonough, Liverpool Daily Post

SHARES in banking giant Barclays jumped yesterday after backing from a top investor boosted the likelihood its £7bn fundraising plan will be approved, despite an investor backlash.

Legal & General Investment Management (LGIM), part of insurer Legal & General, said it would vote in favour even though it does not like the structure of the controversial deal.

Many Barclays investors have been angered they have not been given first refusal on new capital and that Qatar and Abu Dhabi investors are getting more attractive terms than existing shareholders.