Barclays will start £5.8bn rights issue on 13 September

Bank Barclays has announced that its £5.8bn rights issue is expected to take place of 13 September (release).

It is anticipated that the record time for Ordinary Shareholders' entitlement to participate in the Rights Issue shall be the close of business (London time) on 13 September 2013.

As a result (and as outlined in the announcement of 30 July 2013) Ordinary Shares issued to participants in the new Scrip Dividend Programme who have elected to receive all or any part of their entitlement to the second interim dividend in Ordinary Shares will be issued prior to the Record Time and will therefore be eligible to participate in the Rights Issue.

It became apparent yesterday that the rights issue would come within the fortnight.

The lender is issuing the new shares to improve its capital position, as it is under pressure from the Bank of England to get to a three per cent leverage ratio.