Tuesday 20 October 2009

Qataris sell Barclays

But look who is helping — why, it’s Barclays Capital. He never misses a trick that Diamond Bob.

Aside from the fees, Bob and BarCap will also gain some useful points in those all-important investment banking league tables.

From the RNS on Tuesday morning:

Qatar Holding LLC (”Qatar Holding”) announces its intention to sell 379,218,809 Ordinary Shares in Barclays PLC (”Barclays”) by way of an accelerated bookbuild and to exercise an equivalent amount of warrants to satisfy its obligations under the bookbuild (the “Transaction”). The exercise price of the warrants is 197.775 pence.

Credit Suisse Securities (Europe) Limited has been appointed as Sole Bookrunner with Barclays Capital acting as Lead Manager with respect to the Transaction. Bookbuilding in relation to the Transaction will commence immediately. It is anticipated that the books will close on or before close of business on 20 October 2009. Final terms for the disposal will be announced in due course.

Ahmad Al-Sayed, CEO and Managing Director of QH said: “The decision to exercise the warrants and dispose of the resultant shares forms part of Qatar Holding’s portfolio management program and does not impact on our current intention to remain a long term strategic shareholder in Barclays. The transaction will result in proceeds for Barclays of approximately £750 million.

John Varley, Group Chief Executive, Barclays, said: “We are happy to be working with Qatar Holding on a placing derived from the exercise of some 50% of its warrants. The effect will be further to broaden the base of our share register. Qatar Holding is our largest shareholder and a key partner of the Barclays Group.”

We will keep you posted on how the placing is going, but shares in Barclays are down 20p at 362p in early trading.

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