RBS Rip off
I too took up the rights issue at £2. A few weeks before it was announced the Chief Executive was reported as saying the bank would not require any additional capital. Not only do I think they were bust at the time of the rights issue but I also believe that the board could well have been in breach of section 221 of the 1985 Companies Act which provides that a companies accounting records shall disclose with reasonable accuracy AT ANY TIME the financial position of the company at that time. The problem appears to be that the company had no real idea of its true financial position either at the time of the rights issue or between then and now. If you raised 12 billion and five months later you said you required another 20 billion that really demonstrates that you were indeed insolvent at the time of the original rights issue.